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Cotton prices declined on weak demand across the country on Friday. A decline overseas resulted in domestic prices dropping. Since demand for ginning was low, prices of Kapas or raw cotton declined marginally on Friday.Traders said that overall demand in cotton was dull. Export buying was almost nil and domestic mills’ demand waned, given the south Indian mills’ preference to buy locally. Gujarat Sankar-6 cotton was quoted ₹200 lower at ₹31,200-₹31,500 per candy of 356 kg.
Kapas moved down by ₹5-₹7 to ₹800-₹820 for a maund of 20 kg. Gin delivery kapas was quoted at ₹815-₹820 a maund . Cottonseed ruled flat at ₹355-₹370 per 20 kg. Selling decreased as price fell during this week in Gujarat. About 45,000 bales of cotton arrived in Gujarat against 60,000 bales a week ago. Similarly about 1.75 lakh bales arrived across the country against 2 lakh bales. On the National Commodity and Derivatives Exchange (NCDEX) kapas’ contract for April declined by ₹10.50 to ₹762.50 per 20 kg, with an open interest of 16,728 lots.
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