The Cotton Corporation of India began selling its stocks built through market intervention operations as part of the Government efforts to hold the natural fibre’s price line.
According to traders, with CCI, some exporters were also selling their stocks but ginners were holding their long position due to lower arrivals.
CCI has started selling its stocks from Friday through e-auction. It offered to sell 25,000 bales.
Out of which, 18,000 bales were from Andhra Pradesh, 2,500 bales from Maharashtra, 4,000 bales from Karnataka and 500 from Orissa.
CCI may sell more cotton in coming days through e-auction. According to trade sources, CCI may dispose of around 2,50,000 bales in first round.
However, the sale failed to have any impact as prices remained unchanged on the back of normal demand and limited arrival.
Gujarat Sankar-6 cotton was traded on Rs 37,500-37,700 for a candy of 356 kg, V 797 cotton A grade was offered at Rs 28,300-28,600.
Cotton 29 MM (3.8+ micronaire) traded at Rs 37,000-37,500, 29 MM (3.6 micronaire) cotton traded Rs 36,300-36,800 in Maharashtra.
About 22,000-23,000 bales of cotton arrived in Gujarat.
About 65,000 bales arrived in India.