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With lower arrival and increasing demand, cotton price increased by Rs 500-1,000 for a candy of 356 kg in Gujarat. According to traders, the price will not decline under current market conditions.
Gujarat Sankar-6 cotton was traded at Rs 38,000-38,500 a candy. Lower grade cotton was traded at Rs 33,000-33,500 a candy. The price of raw cotton or kapas increased by Rs 25 in the last few days to Rs 900-925 a 20 kg. In Gujarat, about 2,000-3,000 bales arrived and 4,000-5,000 bales arrived in India.
In some parts of Saurashtra region, arrival of new cotton has started. In Amreli, about six tonnes of raw cotton arrived and traded at Rs 250-700 a 20 kg. According to traders, quality of new arrival is not good.
A Rajkot-based broker said: “Exports and mills demand are increasing against low arrivals and as a result prices are gaining. But it will not go beyond Rs 40,000 a candy. On the lower side, price will not go below Rs 33,000.”
The country's cotton output is likely to rise nine per cent this year to a record on higher sowing following the late revival in monsoon in major producing zones.
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