Cotton prices remained stable in Gujarat, though exporters kept away from the market over uncertainty on how the Directorate-General of Foreign Trade will allot the additional export quota, a Rajkot-based broker said.
Sankar -6 variety was traded at Rs 42,000-44,000 a candy of 356 kg for A-grade, B-grade at Rs 35,000-37,000 a candy and lower grade at Rs 29,000-31,000 a candy. Raw cotton was at Rs 600-1,007 for a maund of 20 kg in Rajkot. Arrivals decreased sharply. In Gujarat, 8,000 bales arrived against 12,000 bales last Monday. Similarly, 18,000-20,000 bales arrived against 25,000 bales in the rest of the country.
No rise
In Gujarat, 25-30 trucks of raw cotton arrived from Maharashtra that fetched Rs 600-900 for a
The broker said price may not increase as long as the uncertainty remains.
Even as the Union Government allowed 10 lakh bales (170 kg each) more for exports in the current season, exporters and farmers' bodies have raised concern over the quota allotment process to be taken up by the Directorate-General of Foreign Trade.
“There was fiasco in quota allotment last time. We hope that this time the process will be more just and transparent. Genuine cotton exporters should not be left out, with opportunists reaping heavy benefits by adopting unfair practices like selling the quota in the grey market,” said a leading exporter here.