Cotton prices remained unchanged in Gujarat and Maharashtra on Monday, due to limited arrivals and normal buying.
Most markets, excepting some in Saurashtra, reopened on Monday after remaining closed for Diwali.
New Sankar-6 cotton traded at Rs 33,600-33,800 a candy in Gujarat, A grade S-6 cotton traded at Rs 33,600-33,800 a candy and B grade cotton at Rs 33,000-33,400 per candy. Prices of V 797 offered at Rs 29,500-30,000 a candy. About 20,000-22,000 bales cotton arrived in Gujarat
New 29+ MM cotton traded at Rs 33,500-33,800 a candy in Maharashtra and Madhya Pradesh.
In Maharashtra and Madhya Pradesh “old low micronaire cotton” quoted at Rs 32,000-33,000 a candy.
Rajkot-based cotton broker said, “Price was unchanged but sentiment was firm and we are expecting good demand in coming days.”
Both millers and exporters were active in the market. Exporters were buying mainly to fulfil their domestic sales commitments. Spinners were procuring for short-term consumption .
The country’s cotton production for the current year is likely to decline by five per cent from last year’s 37.3 million bales of 170 kg each to 35.4 million bales, according to the estimates released by the cotton Association of India (CAI).