Indian cotton prices may plunge

The price of cotton in Gujarat, India fell by Rs 100/candy (356 kg) because of the increase in the arrival of cotton, while the demand from textile mills and exporters decreased.

New cotton is offered at 33,300-33,500 rupees/candy. A grade Sankar-6 is traded at 33,300-33,500 rupees/candy, and grade B is trading at 33,000-33,200 rupees/candy. V-797 cotton is offered at 28,500-28,600 rupees/candy.

The new cotton in Maharashtra is priced at 33,500-33,800 rupees/candy. A low grade micronaire value is offered at 33,300-33,500 rupees/candy and a high micronaire value (29 millimeters) at a price of 33,000-33,300 rupees/candy.

The state arrived 50,000-52,000 bags / 170 kg / bag. The number of arrivals nationwide is 80,000 bales. Cotton in parts of Andhra Pradesh may be lost due to rain.

According to traders, prices may fall this week as demand decreases and volume increases. In addition, international cotton demand is also weak.

The report of the Junagaed Agricultural University estimated that Gujarat’s cotton production has decreased by 33% compared to last year. The report said that although the output is reduced, the price is expected to remain stable because of the huge global inventory, including China.