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G. Gurumurthy

Coimbatore April 29 Domestic cotton prices nose-dived further amidst the textile and garment manufacturers experiencing tight liquidity position this week. The cotton market tendency, according to cotton trade sources, is towards witnessing further selling pressures with sliding demands from the spinners.

Downtrend

The spot cotton price for Gujarat and Maharashtra varieties fell by six per cent between April first week and now. Shankar-6 from Gujarat (28 mm), which was quoting at Rs 20,200 per candy at the beginning of this month is today quoted at Rs 19,000 per candy but there is hardly any buyers, the sources said.

Dollar impact

Propelled by the declining dollar which upset the textile exporters' apple-cart across the industry's value chain, the ginners could not off-load any more cotton stocks into the market and an estimated 30-35 lakh bales of cotton is held in stocks.

With an equal quantity of raw cotton anticipated to hit the market during the coming weeks, the prices of cotton are poised to further soften down. This factor has also, according to the sources, contributed to the hesitancy among the spinners over procuring raw cotton from the market.

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