Cotton price ruled almost steady on the back of limited buying by mills and exporters.

According to market sources, the weak trend is likely to continue this week as demand is limited.

Gujarat Sankar-6 cotton was traded at Rs 38,700-39,000 a candy of 356 kg.

V-797 cotton A grade was offered at Rs 29,300-29,600.

Cotton ready delivery quoted at Rs 4,050-4,140a quintal in Punjab, Rs 4,020-4,030 in Haryana and Rs 4,020-4,030 in Rajasthan.

Cotton 29 MM (3.8+ micronaire) traded at Rs 38,700-39,100 a candy, 29 mm (3.6 micronaire) cotton traded Rs 38,500-38,700 a candy in Maharashtra.

About 26,000-27,000 bales of cotton arrived in Gujarat and around 80,000 bales arrived across the country. Kapas or raw cotton also traded flat on Monday. It was quoted Rs 975-1,005 for a maund of 20 kg in Rajkot APMC.

Kadi delivery cotton price stood at Rs 990-1,015 a maund.According to cotton brokers, domestic mills and some exporters were active in the markets to cover their commitments.

Traders said that downside potential is limited for cotton in near term due to lower local supplies.

Meanwhile, forecast of normal monsoon by Indian Meteorological Department has boosted prospects for next crop.

(This article was published on April 8, 2013)
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