RAJKOT: The cotton prices have slipped by Rs 500 per candy of 356 kg as the arrivals has surged yesterday. When the arrivals have been compared with last year, they are still 60% lower as rain has delayed the cotton season by nearly a month.
Sankar-6 variety has depreciated by Rs 500 to Rs 38,000-39,500 per candy and the lower and medium qualities were sold at Rs 34,000-38,000 per candy.
Kapas or raw cotton have slipped by Rs 10-15 for a maund of 20 kg to Rs 920-950. The Kapas for February delivery has gone down by Rs 10.20 to Rs 732 for a maund of 20 kg, with an open interest of 146 lots.
Moreover, 20,000-25,000 bales of 170 kg arrived in the state, 60,000-65,000 bales have arrived in the rest of India. The Kalyan variety has bagged Rs 24,000-25,000 per candy.
The Mills have lowered buying in the last two days as the quality cotton has started pouring in, said Mr Arvind Raichura of Balkrishna Ginning.
Moreover, cotton will decline more during week due to the higher supplies and also poor international market, said Rajkot-based broker Mr Jatinbhai.