Indian prices edge lower
Ex-gin asking rates have tended modestly lower, in face of an increasing pace of seed cotton arrivals, and limited buying interest. Shankar-6 is today quoted at around Rs. 39,500 per candy (about 81.50 US cents per lb), about Rs. 100 lower than before the weekend. In the North, offers of Punjab J-34 have presented a steadier appearance, at around Rs. 4,200 per maund (82.50 cents per lb).
The pace of seed cotton arrivals has continued to rise, and today’s deliveries are estimated at the equivalent of over 210,000 bales, including some 65,000 from Gujarat and 60,000 from Maharashtra.
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