On the back of rising demand of domestic mills, the prices of cotton moved up on Monday. Moreover, good export enquiries and tight supplies at the producing centres have supported the cotton price to increase.
Traders said that at present, cotton supply is tight and demand of domestic mills has increased. This has enabled the prices of cotton to soar. On the other hand, enquiries from exporters are higher. Gujarat Sankar-6 cotton was up Rs. 100 to Rs. 39,900-40,200 per candy of 356 kg.
About 22,000 bales of 170 kg arrived in Gujarat and 1.35 lakh bales arrived in India. Kapas or raw cotton traded up on strong demand for cottonseed from oil millers. Kapas gained Rs. 10 to Rs. 1,040-80 per 20 kg and gin delivery kapas stood at Rs. 1,080-1,120. Cottonseed traded up by Rs.10 to Rs. 480-520 per 20 kg.