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Cotton prices increased by Rs 150-200 for a candy of 356 kg on restricted selling by farmers and ginners. Moreover, higher demand from mills also supported markets on Friday.
A Rajkot-based cotton trader said that delay in rain was also one of the reasons for the price rise. If the growing areas get adequate rainfall, then farmers could sell their produce and price could come down.
Compared with Gujarat, cotton prices gained more in Maharashtra, Madhya Pradesh and Andhra Pradesh as stocks are reported to be lower in these States. The total unsold stock is estimated at 40 lakh bales (of 170 kg each) in the country. Gujarat alone has stocks amounting to 18 lakh bales, while remaining States have 22 lakh bales.
Beside this, Gujarat is still receiving 8,000-9,000 bales a day, while arrivals have dried up in rest of the States. About 22,000-23,000 bales arrives every day in India.
South Indian mills bought around 13,000 bales from Gujarat on Thursday.
Gujarat, new A grade S-6 cotton traded at Rs 34,700- 35,200 a candy and B grade cotton at Rs 34,300-34,600. Prices of new V-797 offered at Rs 28,300-28,500 a candy. In Maharashtra, A grade cotton of low micronaire quoted at Rs 34,500-34,800 a candy and A grade of high micronaire cotton 29+ MM quoted at 35,300-35,500 a candy. In Madhya Pradesh, A grade cotton low micronaire quoted at Rs 34,500-34,800 a candy and A grade high micronaire cotton 29+ MM quoted at 35,300-35,500 a candy.
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