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After reaching Rs 39,000 a candy (of 356 kg) four days ago, cotton prices declined by Rs 1,500 a candy on thin demand from domestic and international markets.
Gujarat Sankar-6 cotton was traded at Rs 37,000-37,500 a candy . Kalyan variety stood at Rs 21,000-26,000 a candy. About 4,000-5,000 bales of Sankar-6 cotton arrived in Gujarat and 8,000 bales arrived at the natonal-level.
According to brokers, demand for yarn and export has decreased in the past couple of days. During this week, cotton price may decline but not below Rs 35,000 a candy.
Area under cotton cultivation is up by almost 10 per cent in the current Kharif season as higher returns earned during the last year has diverted the attention of the farmers towards this cash crop. India's leading producer, Gujarat, has registered an increase in sowing of cotton to 29 lakh ha against 26 lakh ha in the last year at the expense of groundnut. As on August 26, area under cotton stood at 118.05 lakh ha against 107 lakh ha during the same period last year.
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