Cotton price remained unchanged on limited buying support and slow arrivals on Monday.
According to market sources, most of the buyers and sellers are in a holiday mood for the Diwali festivals.New S-6 cotton traded at Rs Rs 33,500-34,000 for a candy in Gujarat, A grade S-6 cotton traded at Rs 33,500-33,800 and B grade cotton at Rs 33,300-33,500.
Prices of V 797 offered at Rs 28,500-29,000 a candy. About 17,000-18,000 bales of cotton arrived in Gujarat as against 28,000-29,000 bales last week.
New 30+ MM cotton traded at Rs 33,600-34,000 in Maharashtra and Madhya Pradesh.
In Maharashtra, A grade cotton low micronaire quoted at Rs 33,000-33,300 and A grade high micronaire cotton 29+ MM quoted at 33,300-33,800.According to cotton traders, demand and arrivals both are slow as market is in festival mood. Market will be closed for a week and be regular from next Monday. Ginners also closed their unit for one week.
This year (2012-13), the total production of cotton is estimated to be around 354.25 lakh bales, according to the Cotton Association of India. This year the area under cotton is expected to be around three per cent lower compared to last year.