Commodities

Cotton gained on poor supply

Our Correspondent Rajkot | Updated on July 13, 2012 Published on July 13, 2012

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Cotton price was spurt by Rs 500 per candy as supply was poor than demand. With this weak monsoon was also worried the market and on it some speculative activity was supported the cotton price to go up.

Gujarat Sankar-6 cotton was traded on Rs 35,500-36,000 per candy and B-grade cotton at Rs 35,000-35,500 per candy. Prices of New V 797 offered at Rs 28,500-29,000 a candy of 356 kg. About 8,000 bales cotton arrived in Gujarat and 18,000 bales arrived in India on Friday.

Kapas was traded higher by Rs 20-25 to Rs 910-950 per 20 kg.

In Maharashtra A grade cotton low micronaire quoted at Rs 35,800-36,300 per candy and A grade high micronaire cotton 29+ MM quoted at 36,300-37,000 per candy.

Rajkot based cotton broker said, “Demand from local and South India mills are high and some export buying also cause for price rise in cotton.

According to market sources South based mills bought around 13,000 bales yesterday from Gujarat, while Rajasthan based mills purchased 3,000 bales of V-797 cotton.

In international market, cotton futures finished lower Thursday on speculative sales spurred weaker financial markets, and brokers said the subdued tone of dealings would persist on Friday. The benchmark December cotton contract on ICE Futures U.S. fell 1.06 cents or nearly 1.5 percent to finish at 69.93 cents per lb, dealing from 69.66 to 71.40 cents.

Published on July 13, 2012
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