Commodities

Cotton blooms on exporters' offtake

Our Correspondent Rajkot | Updated on June 24, 2011

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On the back of fresh buying, cotton prices of Sankar-6 increased by 1,500-2,000 a candy in the last couple of days.

According to market sources, the price may increase further in the coming days.

Gujarat Sankar-6 cotton was traded at Rs 38,000-38,500 a candy (356 kg). It ruled at Rs 36,000-37,000 a candy a few days ago.

Lower grade cotton price ruled at Rs 28,000-30,000 a candy. Price of raw cotton (A grade) quoted at Rs 850-870 for a maund of 20 kg. B-grade raw cotton was sold at Rs 650-700.

About 15,000 bales (170 kg) arrived throughout the country of which 7,000-8,000 bales were from Gujarat.

According to brokers, the price of cotton has increased as exporters have entered the market after the Centre allowed additional export of 10 lakh bales. The price may continue to move up as demand exists but it will not go beyond Rs 41,000 a candy.

A trader said: “With export demand and monsoon being delayed in cotton-producing areas, prices are tending to gain.”

Published on June 24, 2011

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