Cotton prices moved down on weak demand from domestic mills. Moreover, slow buying by exporters also exerted some pressure on the price of the fibre. About 40,000 bales of 170 kg each cotton arrived in Gujarat and 1.25 lakh bales in India. Gujarat Sankar-6 cotton lost ₹100 to ₹33,200-33,400 per candy of 356 kg.
Kapas or raw cotton too declined on less demand from ginners. Kapas was off ₹5 to ₹880-925 per 20 kg and gin delivery kapas stood at ₹930-945. Cottonseed decreased by ₹5 to ₹410-440.
According to traders, cotton prices may decline further in coming days as hope for fresh demand is negligible. Meanwhile, Cotton Advisory Board (CAB) estimates cotton production at around 33 million bales for the October 2015-September 2016 crop year against 38 million bales in the previous year.
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