Cotton fell by Rs 300 a candy of 356 kg on nominal trading because arrival spots were closed for Diwali.
Best-quality Sankar-6 variety traded lower by Rs 300 at Rs 39,000-39,200 a candy While lower and medium grade sold at Rs 33,000-37,500 a candy. Raw cotton or kapas sold at Rs 910-925 for a maund of 20 kg. Nine to ten thousand bales of 170 kg arrived in Gujarat.
may drop further
Cotton may fall by Rs 1,000 a candy in the second week of November as arrivals jump after Diwali, said Mr Avadhesh Sejpal, a Rajkot-based cotton broker.
Higher global output against lower demand is likely to pull down local prices in October 2011-September 2012 season. The Cotton Corporation of India may raise the minimum support price if prices fall below the current MSP.