Demand, export enquiries lift cotton to Rs 42,000/candy

Cotton prices touched Rs 42,000 for a candy of 356 kg on Monday following strong domestic demand and overseas enquiries. Moreover, supply was slow.

Overall, the sentiment turned bullish and according to market sources, cotton price may rise to Rs 43,000.

Gujarat Sankar-6 cotton traded higher by Rs 500-700 at Rs 41,000-42,000.

V 797 cotton A grade was offered at Rs 29,800-30,000.

About 5,000-6,000 bales cotton arrived in Gujarat and 15,000-17,000 bales arrived across the country.

Kapas or raw cotton price increased by Rs 20-25 to Rs 1,050-1,075 for a maund of 20 kg, while gin delivery kapas was traded at Rs 1,080-1,135.

Cotton ready delivery was quoted at Rs 4,380-4,470 a quintal in Punjab; Rs 4,325-4,355 in Haryana and Rs 4,370-4,380 in Rajasthan.

Cotton 29 MM (3.8+ micronaire) traded at Rs 40,500-41,000 for a candy, 29 MM (3.6 micronaire) cotton at Rs 39,500-40,200 in in Maharashtra. According to a Rajkot based broker, cotton increased on Monday on constant demand from spinners and exporters and on restricted selling.

Ginners were expecting further gains in prices due to limited supply.

Spinners and exporters were active in the markets to cover their position.

Traders said that buyers were worried over near term supply which may tighten further due to surge in export demand in recent weeks.

A weak rupee has made exports attractive.

The Cotton Corporation of India (CCI) offered to sell 46,800 bales through e-auction today.

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