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As demand for cotton is waning, prices are ruling stable since last two days. According to brokers, cotton prices may come down this week.
At Rajkot, Gujarat Sankar-6 traded at Rs 58,000-58,500 for a candy of 356 kg. Prices, however, are stable on Monday but compared with Friday, it declined by Rs 1,000. About 30,000 bales (170 kg each) arrived in Gujarat and 75,000 bales arrives in the country.
Raw cotton price was unchanged at Rs 1,320-1,325 for a maund of 20 kg in Gujarat. According to a Rajkot-based cotton broker, at present mills are buying according to their requirements. Price is a matter for concern to everyone. Mills are waiting for some decline but right now it may not be possible as raw cotton price is still higher.
During the season, raw cotton price increased almost Rs 500 for 20 kg from Rs 900-950 at beginning to a record high of Rs 1,400-1,450 in February. As demand has been dropping since last week, traders expect some fall in the price this week. According to market sources, the price may decline by Rs 1000-1,200 a candy.
At present, mills are the only buyers and their consumption is limited. Therefore, market experts believe that price may decline in the coming days.
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