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Cotton fell by Rs 300 a candy of 356 kg on nominal trading because arrival spots were closed for Diwali.
Best-quality Sankar-6 variety traded lower by Rs 300 at Rs 39,000-39,200 a candy While lower and medium grade sold at Rs 33,000-37,500 a candy. Raw cotton or kapas sold at Rs 910-925 for a maund of 20 kg. Nine to ten thousand bales of 170 kg arrived in Gujarat.
Kapas for delivery in February fell by Rs 4.10 to Rs 729.50 for a maund on the National Commodity and Derivatives Exchange with an open interest of 142 lots while the April contract decreased by Rs 7.30 to Rs 726.30 with an open interest of 7,718 lots.
may drop further
Cotton may fall by Rs 1,000 a candy in the second week of November as arrivals jump after Diwali, said Mr Avadhesh Sejpal, a Rajkot-based cotton broker.
Higher global output against lower demand is likely to pull down local prices in October 2011-September 2012 season. The Cotton Corporation of India may raise the minimum support price if prices fall below the current MSP.
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