Cotton Closes Higher On Limited Supplies
Prices of Punjab cotton varieties rose last week on limited supplies towards the end of the 1995/96 (September-August) season and renewed demand from mills while Gujarat cotton was quoted lower, dealers said.
In spot deals Punjab saw-ginned rose from Rs 1,620/1,650 to Rs 1,675/1,700 per maund (37.32 kg) while Bengal-deshi moved up from Rs 860/890 to Rs 880/950 per maund. Gujarat Kalyan (medium-staple) slid to Rs 11,800/12,000 from Rs 12,400/12,500 per candy (355.56 kg), while wagad cotton fell by Rs 500 to Rs 10,500 per candy.
Meanwhile traders estimated the cotton crop during the 1995/96 season at around 15.90-16 million bales (170 kg each).
Initial crop estimates for 1996/1997 season are about 17 million bales,