Demand from southern mills and north Indian spinners boosted cotton prices across the country by Rs 200-300 a candy of 356 kg.
According to a Rajkot-based trader, ginners have been unwilling to sell because of the delay in the monsoon while spinners are buying aggressively to cover for their requirements over the lean season. He said: “This trend may continue in the next week too if the rains are delayed further.”Exporters’ buying, however, was limited due to sharp gains in the rupee. Mills and exporters bought about 13,000 bales on Thursday from Gujarat.
Sankar-6 cotton in Gujarat traded at Rs 33,800- 34,200 a candy and lower grade cotton at Rs 33,300-33,800 a candy. New V-797 sold at Rs 27,700-28,000 a candy. About 10,000 bales of cotton arrived in Gujarat out of 28,000 bales across the country.In Maharashtra, A grade cotton low micronaire quoted at Rs 33,300-33,500 a candy and A grade high micronaire cotton 29+ MM quoted at Rs 33,800-34,000 a candy.
Cotton traded firm in north India on Friday backed by good demand from local spinners. J-34 RG quoted in the Rs 3,510-3,560 range a quintal in Punjab, Rs 3,440-3,450 in Haryana and Rs 3,440-3,450 in Rajasthan.
In Adilabad, new cotton traded at Rs 34,000-35,000 a candy, in Guntur 31 MM cotton sold at Rs 35,500-36,500 and in Warangal 30+ MM cotton quoted at Rs 35,000-36,000.In Karnataka, Jaidhar 22+ MM cotton traded at Rs 29,000-30,000 a candy, 29 MM quoted at Rs 33,000-34,000 and 30 MM at Rs 34,000-35,000.