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Constant weak demand from mills pressurised the cotton prices on Friday.
According to brokers, price may decline more next week as there is no hope of demand improving.
Gujarat Sankar-6 cotton declined by Rs 200-300 to Rs 33,000-33,200 for a candy of 356 kg. New cotton was offered at Rs 32,000-32,500 in Gujarat, while it was quoted at Rs 31,500-33,000 in Maharashtra.
In Maharashtra, A grade cotton (low micronaire) was at Rs 33,500-34,000 and A grade (high micronaire cotton 29+ MM) at Rs 33,800-34,500.
About 8,000-9,000 bales (of 170 kg each) of cotton arrived in Gujarat and 20,000 bales arrived in India.
Kapas or raw cotton prices too witnessed a decline by Rs 10 to Rs 800-825 for 20 kg in Rajkot.
A cotton broker said, “Mills were reluctant to buy due to poor offtake in yarn. With this, increasing arrivals too may exert pressure on the price in the coming days.”
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