Cotton arrivals down marginally at 32.12 million bales
Cotton arrivals in major markets have been marginally lower at 32.12 million bales in the current cotton marketing year so far.
The cotton arrivals stood at 32.15 million bales of 170 kg each as of May 27, 2011, in the year-ago period.
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Cotton marketing year runs from October to September.
"The per day arrivals are reported around 65,000 bales," Cotton Corporation of India (CCI) said in its report.
The spot prices of various grades of cotton were ruling in the range of Rs 34,700-45,000 per candy (356 kg) as of April 14, 2012, as against the range of Rs 50,500-83,000 per candy in the year-ago period.
According to the latest estimates of the Cotton Advisory Board (CAB), the production estimates have been revised upwards to 34.7 million bales from 34.5 million bales for the current season.
It had also revised domestic consumption estimates downwards to about 25 million bales from 26 million bales earlier.
India is estimated to produce a record 35.2 million bales of cotton in 2011-12 crop year (July-June), as per the data compiled by the agriculture ministry.