Commodities

Cotton rules firm on mills’ buying

Our Correspondent Rajkot | Updated on August 12, 2013 Published on August 12, 2013

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Cotton price ruled unchanged at the higher level with normal buying by mills and exporter.

According to market sources, cotton prices may sustain at current levels as stocks are low.

Gujarat Sankar-6 cotton traded at Rs 44,500-44,700 for a candy of 356 kg, while raw cotton or kapas price ruled at Rs 1,100-1,130 for a maund of 20 kg at Saurashtra and gin delivery kapas quoted at Rs 1,135-1,160.

About 2,500-2,700 bales arrived in Gujarat and 5,000-5,200 bales arrived in the country.

A Rajkot-based cotton broker said that cotton was traded steady on Monday.

However, prices may ruled at current levels in the coming days.

Meanwhile, cotton exports dropped by 31 per cent to 9.8 million bales in 2012-13 marketing year that ended last month, but imports rose slightly to 1.47 million bales in the same period, a report said.

Trade sources indicate that domestic consumption will remain strong as small to medium sized mills seek to cover their position till September this year.

Meanwhile, Union Minister of State for Textiles Panabaka Lakshmi told the Lok Sabha on Monday that the Cotton Corporation of India has sold 13.83 lakh bales (170 kg each) of the natural fibre this season and will offload another 9.03 lakh bales in a gradual manner in the domestic market.

Published on August 12, 2013
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