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Cotton prices were almost steady on the back of lower export demand. According to market sources, the overall trend is negative and cotton prices may decline this week.
Gujarat Sankar-6 cotton quoted at Rs 38,000-38,200 a candy of 356 kg. B-grade cotton was traded at Rs 37,700-37,900. V-797 cotton A grade was Rs 30,000-30,500.
About 28,000-30,000 bales of cotton (of 170 kg) arrived in Gujarat and 90,000 bales arrived across the country.
A Rajkot-based cotton broker said that due to financial year-end demand was limited and it may decline further . Cotton prices also may come down by Rs 500-700 a candy this week.
Kapas price was down by Rs 5-7 to Rs 960-990 for 20 kg in Saurashtra region. According to market sources, APMCs in Gujarat will close for week due to financial closing.
A grade cotton quoted between Rs 37,500 and Rs 38,500 a candy and Rs 37,500-38,700 in Madhya Pradesh.
Traders said that local mills scaled down buying ahead of yearly account closing. Although demand may again improve from next month as mills don’t have much stock, they added.
An Ahemdabad-based trader said that export demand, particularly from Pakistan, may also pick up if prices fall below Rs 38,000 a candy as spinners are facing shortage of quality cotton there.
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