Comments
Cotton prices fell more than Rs 2,000 a candy of 356 kg in the week as farmers started selling their stocks. Moreover, demand reduced as prices reached all-time highs.
During the week, cotton price came down by more than Rs 2,000 a candy from Rs 61,000-62,000 to Rs 58,000-59,500. Raw cotton also dropped by Rs 60 to Rs 1,350-1,380 from Rs 1,420-1,440 for a maund of 20 kg in Gujarat.
Arrival increased to 20,000-22,000 bales against 15,000-18,000 bales last week. Around 55,000 bales arrived in the rest of the country.
Cotton arrival from Maharashtra is also high. About 300-400 trucks arrive every day, and price was at Rs 1,250-1,275 for 20 kg. However, the quality is poorer than that of the Gujarat arrival.
“People are expecting further downfall, and that's why nobody is buying. Demand of cotton came down sharply in this week. Moreover, selling by farmers will reduce prices in the coming days,” said a Rajkot-based cotton broker.
Mr Avadhesh Sejpal, a cotton trader, said, “Farmers don't think the Government will allow any more exports, so they offloading stocks in the market. Arrival from Maharashtra further pushes down prices.”
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.