Cotton prices remained unchanged with normal buying support from the domestic mills.
Though, according to ginners cotton will not move down much in near future due to shortage of the stocks and scanty rain.
A ginner said: “Everybody in the market is waiting for the monsoon. If it fails, then cotton sowing will be lower lifting the prices. In the current condition, cotton price may not go below Rs 36,000 a candy (of 356 kg) in the near future as ginning activity is weak due to lower stock availability.”
Sankar-6 was stood at Rs 37,300-37,500 for A grade, while B grade was traded at Rs 36,500-36,700 . About 8,000-9,000 bales (of 170 kg each) arrived in Gujarat and 17,000-18,000 bales arrived in India.
Meanwhile, cotton imports by mills in the South have picked up considerably in the last one month .
Keywords: Cotton rates