Cotton stable despite limited offtake

Our Correspondent
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Cotton was unchanged on Friday on routine demand from mills. South and North Indian mills were active and bought according to requirement.

The Sankar-6 variety was quoted at Rs 37,500-38,000 a candy of 356 kg. The new V-797 was offered at Rs 30,000-30,500 a candy and B grade was traded at Rs 29,500-29800 a candy. About 4,000 bales of 170 kg arrived in Gujarat, while 7,000 bales arrived in the rest of the country. Kapas or raw cotton was at Rs 1,015-1,020 for a maund of 20 kg and traded at Rs 985-990 here.In Maharashtra, A-grade low micronaire (29 mm) quoted at Rs 37,500-37,800 a candy and high micronaire at Rs 37,800-38,400 a candy.

A Rajkot-based cotton broker said, “As millers are buying hand-to-mouth, prices may not increase. On the other hand, due to lower ginning activity, price will not decline also in coming days.”

According to ginners, around 35-40 ginning mills are active in Gujarat. Additionally, lower availability of kapas will also kepp prices firm.

Cultivation has also fallen in Gujarat as the sowing took place in 22.44 lakh hectares this year against 29.06 lakh hectares last year.

(This article was published on August 17, 2012)
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