Cotton increased by about Rs 400-500 a candy of 356 kg as monsoon is delayed in production areas. Prices may rise further if the wait for rains prolongs.
“The market is worried as late rains may damage the crop. Buying by mills and exporters has pushed up the fibre crop. Though the supply is restricted, export demand is low too,” said a broker here.
The Sankar-6 variety was traded at Rs 34,800-35,000 a candy the new V-797 variety at Rs 28,000-28,500. About 9,000 bales of 170 kg each arrived in Gujarat, while 21,000 bales arrived in the rest of the country. Kapas or raw cotton gained Rs 20-25 to Rs 800-905 for a maund of 20 kg.
In Maharashtra, A grade low micronaire (29 mm) quoted at Rs 34,700-35,000 a candy and high micronaire at Rs 35,000-35,700.
Reuters reports: The sowing of the fibre crop has started, but poor rainfall has slowed the pace in some areas, the Textile Commissioner, Mr A.B. Joshi, told reporters on Monday. His office provides data on fibre output, consumption and surplus available for shipments to the government. The country has so far received 25 per cent lower rainfall than normal since the beginning of the monsoon season on June 1, weather department data showed. “The area (under cultivation) might be lower as farmers are not inclined to grow cotton as prices are not good,” Mr Joshi said.