Cotton Prices Up On Thin Supplies

Fresh demand from millers drove cotton prices up on Wednesday while thin supplies kept sentiments firm, dealers said. Arrivals in the Punjab region remained low at 2,500-3,000 bales (170 kg each) while traders reported offtake of 5,000-5,500 bales by millers. In spot deals, Bengal-deshi rose by Rs 10 to Rs 1,510-1,560 per maund (37.32 kg) while saw-ginned cotton rose by Rs 20 to Rs 1,990-2,100 per maund. Gujarat cotton also bounced back as millers turned active buyers at the reduced level. Long-staple, Gujarat Sankar-4 rose by Rs 100-200 to Rs 20,800-21,200 per candy (355.56 kg) for the superior grade while the average grade was steady at Rs 20,000-20,700 per candy. Gujarat Kalyan was up by Rs 200 to Rs 15,500-15,700 per candy.