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Cotton price in West and North India increased on the back of higher demand from exporters. On the other hand, supply declined in Gujarat and Maharashtra due to lower inventories.
Traders said that exporters are seeking quality cotton as they can get margin to the tune of Rs 1,800-2,000 for a candy of 356 kg at current prices due to the weak rupee.
A Rajkot-based broker said: “Gujarat's production is expected to be about 120 lakh bales and of this around 95 lakh bales have already come to the market so far. So far, 310 lakh bales have arrived of 365 lakh bales that is expected to have been produced in the country.”
According to traders, he availability of quality cotton is declining and prices are going up due to this. It may increase more next week.
Gujarat Sankar-6 cotton gained Rs 300-400 a candy and traded at Rs 35,000-35,500. Prices of New V-797 were Rs 26,500-27,000 a candy.
In Maharashtra, A grade cotton (low micronaire) quoted at Rs 34,000-34,500 and A grade (high micronaire 29+ MM) quoted at 35,000-35,700.
In Madhya Pradesh, low micronaire A grade cotton quoted at Rs 34,000-34,500 and high micronaire A grade cotton (29+ mm) quoted at 35,000-35,700.
About 22,000-25,000 bales arrived in Gujarat and 85,000-90,000 bales across the country.
Cotton gained further in North India due to lower arrivals. Arrivals stood at 3,000 bales in the region. J-34 RG quoted in range of Rs 3,800-3,865 a quintal in Punjab, Rs 3,750-3,760 in Haryana and Rs 3,730-3,740 in Rajasthan.
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