Cotton price moved down by Rs 300-400 per candy in Gujarat on the back of weak international market and Competition Commission of India (CCI) has started enquiry in duty draw back due to which yarn market is down.
Gujarat, new A grade S-6 cotton traded at Rs 32,700- 33,000 per candy and B grade cotton at Rs 32,000-32,500 per candy. Prices of New V 797 offered at Rs 26,000-26,500 a candy. About 7,000-8,000 bales arrived in Gujarat and 25,000-27,000 bales arrived in India.
In Maharashtra A grade cotton low micronaire quoted at Rs 32,000-32,500 per candy and A grade high micronaire cotton 29+ MM quoted at 32,500-33,000 per candy. In Madhya Pradesh, A grade cotton low micronaire quoted at Rs 32,000-32,500 per candy and A grade high micronaire cotton 29+ MM quoted at 32,500-33,000 per candy.
Cotton broker form Rajkot said, “Yesterday international market was weak and it affected the domestic market too. Demand is very poor at presently and price may decline further in next week too.”
In international front cotton futures closed at a one-week low Thursday on all-around speculative sales, losing most of the ground gained Tuesday when it hit a seven-week top, s investors scrambled to get out of the July contract before it goes into delivery next week, brokers said.
The spot July cotton contract on the ICE Futures U.S. exchange fell the 5.00 cent daily limit, or 6 percent, to end at 78.17 cents per lb, with the day's top at 82.50 cents.