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Tepid buying has pulled down cotton price by more than Rs 2,000 a candy if 356 kg in the past three days. However, traders believe that the price has bottomed out as the Directorate General of Foreign Trade started registration for exports on Monday.
The Sankar -6 variety's A-grade was traded at Rs 38,000-39,000 a candy on Monday, down from Rs 40,000-41,000 on Friday. The B-grade variety ruled at Rs 27,500-28,000 a candy. Quality raw cotton was at Rs 750-850 for a maund of 20 kg and Rs 550-600 a maund for the lower quality in Gujarat. In Gujarat, 7,000 bales arrived and 15,000-17,000 bales arrived in the rest of the country.
Mr Arvind Raichura, a Rajkot-based ginner, said, “Caps on export quotas will hurt ginners. At present, only export demand is what drives the market — demand from mills is negligible and is expected to remain so during this month.”
The Centre has asked traders to apply for exports of an additional 1 million bales of cotton that were allowed earlier this month, a Government statement said on Monday. Exporters must apply between June 20 and June 25, which should be shipped by September 15, the Directorate General of Foreign Trade, said in a notice on its Web site.
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