Cotton prices declined today by Rs 300-400 a candy (of 356 kg) on the back of higher supplies projected by the USDA and slack demand from the mills.
According to market sources, cotton price may continue to decline further by end of this month.
New crop offered at Rs 32,500-33,200 in Gujarat. The A grade S-6 cotton was at Rs 33,500-34,000 and B grade cotton at Rs 33,000-33,500.
Prices of V-797 ruled at Rs 27,000-27,500.
About 12,000-13,000 bales (of 170 kg each) arrived in Gujarat and 25,000-27,000 bales arrived in India.
New crop fetched Rs 32,000-33,000 a candy in Maharashtra.
The A grade cotton low micronaire was at Rs 32,500-33,000 A grade high micronaire cotton 29+ MM quoted at 33,000-34,000 .
Kapas or raw cotton was traded down by Rs 10-15 to Rs 800-835 a maund (of 20 kg) in Rajkot.
Cotton futures in New York fell touched their 3-week low on Thursday after the US Department of Agriculture raised its 2012/13 global ending stocks forecast for the fibre to a record high for a third consecutive month.
While consumption was thinning, the data indicated that US, Chinese and Indian production of cotton were all expected to go up.
The benchmark December cotton futures in New York were down 1.5 per cent at 71.02 cents/lb.