Cotton prices fall as fresh crop arrives
Price of Sankar-6 variety of cotton, widely used by yarn spinning mills, fell by 6.6% last week from September levels. Fresh supply of about 345 lakh bales (1 bale=170kg) arrived into the market. This, along with imports, assures adequate supply for the year. Meanwhile, cotton prices too that had firmed up in global markets during the recent hurricane, eased as the damage to crop in the region was not too high. Besides, global cotton output this year is expected to be higher than last year, with major producing nations like Pakistan and China estimating higher output. So, domestic cotton prices will remain stable at slightly lower levels when compared to the previous year.