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Cotton prices moved up as fresh demand was seen in the market at the lower level. Moreover, the quality of the new crop was good, which attracted exporters and domestic millers. Gujarat Sankar-6 new cotton traded higher by ₹100-200 at ₹32,800-33,000 for a candy of 356 kg. Old cotton was traded at ₹28,000-32,000 per candy. About 18,000-20,000 bales (of 170 kg) cotton arrived in Gujarat and 60,000 bales arrived in India.
Cotton prices may not cross ₹32,500 anytime soon.
Kapas or raw cotton traded flat as demand from ginners was normal. Kapas quoted at ₹780-820 for a maund of 20-kg and gin delivery kapas were quoted at ₹820-830. Cottonseeds declined by ₹5 to ₹375-380 a maund in the Saurashtra.
According to market sources, Cotton Corporation of India (CCI) is likely to start purchasing soon from Gujarat.
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