On the back of hopes of higher arrivals of the new crop, cotton prices declined by Rs 300-500 a candy (356 kg) in Gujarat on Friday.
According to brokers, buyers are also waiting for good quality new cotton.
A Rajkot-based broker said: “We are expecting higher arrival of new cotton by mid-October. Buyers also want to wait for good quality cotton. However, prices will not decline below Rs 34,000.”
Gujarat A grade S-6 cotton traded at Rs 34,800-35,200/candy and B grade cotton at Rs 34,400-34,700.
Prices of V 797 offered at Rs 27,500-28,300. About 3,000 bales (a bale equals 170 kg) arrived in Gujarat and out of these, 1,200 were new cotton.
In Maharashtra, A grade cotton low micronaire quoted at Rs 34,300-34,800/candy and A grade high micronaire cotton (29+ MM) quoted at Rs 34,800-35,400.
South Indian mills bought around 14,000 bales on Thursday from Gujarat.
Cotton traded lower in North India on Friday amid limited demand and arrival of new crop.
J-34 RG quoted in range of Rs 3,650-3,690 a quintal in Punjab, Rs 3,630-3,650 in Haryana and Rs 3,570-3,580 in Rajasthan.
Ginners expect 5,000 bales of cotton to arrive every day from the beginning of October.
Keywords: Cotton rates