Cotton declined by Rs 200-300 a candy of 356 kg on limited buying by mills. Lack of export demand further pulled down prices. According to traders, cotton may trade even lower the next week, as trading will reduce during festivals.
New cotton was offered at Rs 33,500-34,000 a candy in Gujarat. The A grade S-6 variety traded at Rs 33,500-33,800 a candy and B grade at Rs 33,200-33,500. V-797 was offered at Rs 27,800-28,200 a candy. In Gujarat, 37,000 bales arrived.
Mills and exporters bought around 7,000 bales from Gujarat, and 5,000 from Maharashtra and Madhya Pradesh.
In Maharashtra, low-micronaire A grade quoted at Rs 33,200-33,500 a candy and 29 mm at Rs 33,500-33,800. The new crop was offered at Rs 33,500-34,000 a candy.
A Rajkot-based cotton broker said: “Demand from mills is limited, while exporters are out of the market. On the other hand, arrivals are increasing. The trend is likely to persist next week.”