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Cotton price rises on local demand
27
Sep '11
Price of cotton has risen in Gujarat due to increase in demand from local ginners. Low arrival of new cotton is cited as another reason for the rise in prices.

The price of Shankar-6 variety increased by at least Rs. 1,000 to Rs. 40,000 a candy (1 candy = 356 kg) on Monday from Friday's close of Rs. 38,500-39,000 a candy.

The price of raw cotton was around Rs. 915-950 per maund (1 maund = 20 kg). On the National Commodity and Derivates Exchange, the February contracts price of raw cotton was Rs. 739.20 a maund, an increase of Rs. 3.40.

So far, nearly 5,000 bales of new cotton (1 bale = 170 kg) crop have arrived in Gujarat, compared to the arrival of 7,000-7,500 bales in the rest of the country. However, regular arrival of cotton is expected from the second week of October.

Hence, in the short term the price is likely to remain high as there is a 10-15 days delay in new arrivals. Although the demand from local ginning mills is increasing, the price is not expected to go beyond Rs. 42,000-43,000 a candy, according to market analysts.

Gujarat is expecting cotton harvest of 11.6 million bales this season compared to its production of 10.7 million bales last season.

Fibre2fashion News Desk - India

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