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Weak local demand and sluggish global markets pulled down cotton on Friday. Ginners expect prices to fall further as mill demand is poor this year.
The Sankar-6 variety decreased by Rs 500 at Rs 38,000-38,200 for a candy of 356 kg. The Kalyan variety traded at Rs 24,000 a candy. While 30,000-35,000 bales of 70 kg each arrived in Gujarat, more than a lakh bales arrived in rest of the country. Arrivals have plunged by about 40 per cent year-on-year because of a delayed season, traders here said.
Kapas or raw cotton was down Rs 10 to Rs 910-915 for a maund of 20 kg. For delivery to ginners, it sold at Rs 935-940 for a maund .
The Department of Agricultural Economics at Junagadh Agriculture University has advised farmers not to stock up this year as prices are expected to remain under pressure because of high production.
Exports are expected to rise to eight million bales in October 2011-September 2012, compared with last season's seven billion bales, the Cotton Advisory Board said in a statement.
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