Commodities

Cotton may drop to Rs 33,000 a candy

Our Correspondent Rajkot | Updated on March 19, 2012 Published on March 19, 2012

cotton

Higher arrivals, after ginners called off a strike against ban on exports, pulled down cotton on Monday. Sources said prices may fall below Rs 33,000 a candy of 356 kg this month on low demand.

The Sankar-6 variety declined by Rs 300 to Rs 33,500-33,800 a candy. Kapas or raw cotton decreased by Rs 10-12 to Rs 770-820 for a maund of 20 kg here and quoted at Rs 860-865 for delivery at Kadi. While about 20,000 bales of 170 kg arrived in Gujarat, 79,000 bales arrived in the rest of the country.

The fibre crop declined sharply in North India as arrivals increased to 40,000 bales even as demand is low. J-34 RG variety quoted at Rs 3,440-3,480 a quintal in Punjab, at Rs 3,400-3,410 in Haryana and at Rs 3,390-3,400 in Rajasthan.

The April contract of kapas fell by Rs 29.50 to Rs 826.50 a maund with an open interest of 8,622 lots.

According to market sources cotton price may go below Rs.33000 per candy in this month due to lower demand.

Published on March 19, 2012
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