Comments
Cotton prices continued to rule high on the heels of lower arrivals and fresh buying by ginners, particularly in Gujarat. Regular demand from mills added to the firm trend.
In Rajkot, Sankar-6 cotton was traded at Rs 61,000-62,000 for a candy of 356 kg, while raw cotton price was Rs 1,350-1,415 for a maund of 20 kg. As markets are closed for fiscal year ending until next week, arrival of cotton is almost nil.
Cotton from Maharashtra was traded at Rs 1,250-1,350 a maund and about 200-250 trucks arrived in Gujarat. A truck can carry 10 tonnes.
According to Mayurbhai, a Rajkot-based trade, Gujarat has low stock of raw cotton and that's why price are ruling firm.
Moreover, mills regularly buy according to their requirements and therefore, prices are unlikely to drop in the near term.
During last 15 days, cotton price has almost increased Rs 3,000 a candy to Rs 58,500-59,000 to Rs 61,000-62,000.
The Centre's move to allow unrestricted exports of cotton yarn, through a notification on Thursday, is also expected to keep cotton prices firm.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.