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Cotton rose by Rs 1,000 a candy of 356 kg in the past two days as demand from mills and exporters in North India increased.
Best-quality Sankar-6 variety was traded at Rs 36,000-37,000 a candy while average quality cotton ruled at Rs 31,000-32,000 a candy in Gujarat. Raw cotton increased by Rs 30-40 to Rs 880-900 for a maund of 20 kg.
Arrivals increased during the last week to 4,000-5,000 bales of 170 kg each (2,000-3,000 bales). Eight thousand bales arrived in the rest of the country.
Arrivals have gone up as farmers are offloading stocks before the new season begins, said a Rajkot-based broker. Moreover, the market will be closed for a week for festivals, the broker added.
According to latest Government data, area sown under Bt cotton has increased to 93.36 lakh hectares in 2010-11 from 66.69 lakh hectares in 2008-09 , and it is expected to increase to 95.04 lakh hectares in 2011-12.
The demand for cotton seeds has increased to 2.30 lakh quintals during kharif 2011 from 1.95 lakh quintals in 2009-10.
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