Cotton prices remained unchanged on Wednesday as demand was almost normal.
According to traders, cotton arrivals are gaining momentum and in this condition, scope for rise in prices is remote.
The new A grade S-6 cotton traded at Rs 33,900-34,000 for a candy (of 356 kg) and B grade cotton at Rs 33,800-33,900 in Gujarat. V-797 cotton offered at Rs 27,000-27,500.
About 45,000-47,000 bales (of 170 kg each) arrived in Gujarat and 1.78 lakh bales arrived across India.
There was a rumour in the market that the Government may soon announce incentives for cotton export but there was no official confirmation in this regard.
Kapas price was also reported steady at Rs 830-870 for 20 kg in Gujarat mandis and at Kadi delivery kapas price stood at Rs 850-885.
A Rajkot-based cotton broker said, “Cotton prices are unchanged but demand is reported to be good. Both mills and exporters are active in the market. There will not be any major fluctuation in price trend as arrivals are increasing and it will cap the gains.”
According to market sources, about 23 lakh bales of cotton have been registered for exports so far.
The Cotton Corporation of India has procured around 15 lakh bales cotton.