Our Correspondent Rajkot, July 26
Rajkot, cotton price on Friday declined by Rs 200-300 a candy of 356 kg in Gujarat as demand was weak. Good sowing activity and favourable weather condition also affected the market sentiments. Gujarat Sankar-6 cotton was traded down by Rs 200-300 to Rs 41,500-42,000.
Kapas or raw cotton decreased by Rs 7-10 to Rs 1,050-1,075 for 20 kg in Saurashtra region. About 2,500-3,000 bales (a bale is 170 kg) arrived in Gujarat and 7,000 bales arrived in India. A Rajkot-based cotton broker said that buyers are waiting for more down fall in cotton prices.
According to traders, sowing activity including Gujarat is good and the weather is also favourable. Prices may continue to fall in the next week also. According to Gujarat State Agriculture Department data, as on July 22, cotton sowing was done in 25.67 lakh hectares (19.83 lakh ha last year). The State has completed over 95 per cent cotton sowing.
India’s Cotton exports are estimated to have plummeted by 36 per cent to 9.14 million bales in the first 11 months ended June of the current marketing year, a latest USDA report said. (Source: The Hindu Businessline)