Cotton prices moved up on the back of higher export as well as domestic mills’ demand.Moreover, short supply also supported the price rise.Traders said that price may continue to go up as exporters are buying to complete their shipments.
Gujarat Sankar-6 gained Rs 200 to Rs 40,600-40,700 a candy of 356 kg. Kapas or raw cotton was traded up by Rs 7-10 to Rs 920-1,028 for a maund of 20 kg.
About 65,000 bales (of 170 kg) arrived in Gujarat and 2.03 lakh bales arrived in India. According to brokers, exporters are buying aggressively so that this week cotton price may gain more than Rs 500 a candy.
Till date nearly 1 crore bales have arrived in the market and approximately 2.75 crore bales are yet to arrive.
Mills and exporters are cautiously procuring cotton considering the financial tightness in the market.
The falling rupee has motivated the exporters and the textile mills to continue buying cotton cautiously as the international markets are sluggish.
The most-active March cotton contract on the ICE Futures US was up 0.29 per cent at 84.36 cents/pound.
Source:- thehindubusinessline.com
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