Limited trade along with restricted selling hold the cotton price steady on Friday. Traders said that market may remain dull as there was no signal for recovery in demand.

Gujarat Sankar-6 cotton traded at Rs 37,300-37,600 a candy of 356 kg. V 797 cotton A grade was offered at Rs 27,000-27,500 . Kapas or raw cotton stood at Rs 925-960 for 10 kg.

About 13,000-14,000 bales of 170 kg each cotton arrived in Gujarat and 45,000-47,000 bales arrived in India.

A broker said that cotton traded steady as slow demand continued to weigh on the market.

Overnight losses in ICE cotton also put pressure on domestic prices.

Market may remain dull as there was no signal for recovery in demand.

Cotton ready delivery was quoted at Rs 3,900-3,995 a quintal in Punjab, Rs 3,845-3,865 in Haryana and Rs 3,880-3,890 in Rajasthan.

ICE cotton futures declined Thursday after the US Department of Agriculture reported net export sales of 74,000 bales for the week ended May 9, down 66 per cent from the prior 4-week average.

According to market sources, cotton price may decline in near future as demand is dull.

Published on May 17, 2013