Global cues lift cotton higher

Our Bureau Chennai | Updated on February 02, 2011

Coimbatore 11/01/2011. A boll in the 135 -day old Bt cotton hybrid Brahma BG- II raised by South India Cotton Association and Monsanto in Coimbatore for demonstration, on January 14, 2011. Photo:K.Ananthan   -  THE HINDU

Cotton prices continued to rally aided by the record run in the fibre's rates on the global market. Lower arrivals, increasing demand from spinning mills and the Directorate-General of Foreign Trade's circular inviting applications for exporting unutilised export quota of cotton yarn also aided the bullish trend.

In Gujarat, the modal price or the rates at which most trades in raw cotton were done at the Botad Agricultural Produce Marketing Committee yard increased to Rs 5,780 a quintal from Rs 5,590 on Tuesday. Arrivals were lower at 562.5 tonnes against 594.8 tonnes on Wednesday.

Prices gained in Andhra Pradesh too with raw cotton ruling above Rs 5,400 a quintal and arrivals dipping.

In Gujarat, Shankar-6 was quoted at Rs 50,500-51,000 and in Maharashtra it ruled at Rs 50,000-51,000 a candy (356 kg).

Bloomberg reports: Cotton futures advanced for a third day to a record on speculation that supplies will fail to meet rising demand in China. The March-delivery contract added as much as 2.1 per cent to an all-time high of $1.758 a pound on ICE Futures US and traded at $1.748 by 12:38 p.m. in London.

Published on February 02, 2011

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