Cotton prices declined by Rs 100-200 a candy of 356 kg following weak demand on Friday.
According to market sources, buyers are waiting for arrivals of the new crop to peak. Weakness in downstream markets also weighed on prices. Meanwhile, arrival of new cotton has been reported in some parts of Saurashtra.
Gujarat new A grade S-6 cotton traded at Rs 35,800-36,200 and B grade cotton at Rs 35,500-35,800. The new V-797 cotton was offered at Rs 28,500-29,000.
In Maharashtra, A grade cotton (low micronaire) quoted at Rs 35,500-35,800 and A grade (high micronaire 29+ MM) quoted at 36,000-36,500 .
Ginners offered full October/November delivery S-6 cotton at Rs 35,000-35,200.
Cotton traded down in North India on Friday on weak demand and arrivals of new crop. Around 400-500 bales of new crop arrived in Punjab. Ginners sold full October delivery in Haryana at Rs 3,600/maund.
“New arrival of cotton has begun in Rajkot, Amreli, Upaleta, Savarkundla, Jetpur, Jamjodhpur and a few other centres since last week. It is the cotton that was sown during pre monsoon,” said a Rajkot-based ginner.
Around 1,100-1,200 bales of 170 kg new cotton arrive every day in Saurashtra and quoted Rs 600-800/20 kg.