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Cotton price moved up on the back of fresh export demand. Restricted supply also supported the price rise. However, kapas or raw cotton ruled almost steady.
Gujarat Sankar-6 cotton was traded marginally up by Rs 100 at Rs 39,300-400 for a candy of 356 kg. Kapas or raw cotton was quoted at Rs 950-955 for a maund of 20 kg and gin delivery kapas was traded at Rs 975-985.
About 60,000-62,000 bales (of 170 kg each) of cotton arrived in Gujarat and 1.62 lakh bales arrived across the country.
Traders said that compared with last week arrivals have gone up on Monday. But overall supply is still low as farmers are seeking higher price for their commodity.
Market sources said that the market witnessed demand from exporters as they have to fulfil their commitments before the month-end.
According to market analysts, cotton prices are expected to trade on a positive note on lower arrivals in the domestic markets as farmers are holding back their stocks. Positive international markets as well as weakness in the rupee may also support prices. However, record output may cap sharp upside in the prices.
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