Cotton wilts on slack buying by mills

Our Correspondent Updated - March 12, 2018 at 01:56 PM.

cotton

Constant weak demand from mills pressurised the cotton prices on Friday.

According to brokers, price may decline more next week as there is no hope of demand improving.

Gujarat Sankar-6 cotton declined by Rs 200-300 to Rs 33,000-33,200 for a candy of 356 kg. New cotton was offered at Rs 32,000-32,500 in Gujarat, while it was quoted at Rs 31,500-33,000 in Maharashtra.

In Maharashtra, A grade cotton (low micronaire) was at Rs 33,500-34,000 and A grade (high micronaire cotton 29+ MM) at Rs 33,800-34,500.

About 8,000-9,000 bales (of 170 kg each) of cotton arrived in Gujarat and 20,000 bales arrived in India.

Kapas or raw cotton prices too witnessed a decline by Rs 10 to Rs 800-825 for 20 kg in Rajkot.

A cotton broker said, “Mills were reluctant to buy due to poor offtake in yarn. With this, increasing arrivals too may exert pressure on the price in the coming days.”

Published on October 5, 2012 15:39