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Cotton prices in India, the world's second-largest producer, are likely to rise this week on buying by exporters though higher supplies in spot markets could limit the uptrend. Traders expect cotton exports from India to Southeast Asia to more than double in 2013, and that could compensate to some extent for a fall in demand from China, the world's largest consumer and traditionally the biggest buyer of the Indian fibre.
"Supplies in spot markets are rising but prices are still rising due to buying by exporters," said Ritesh Agrawal, a trader based in Kolkata. According to traders, cotton supplies in spot markets across the country have risen to 240,000-250,000 bales of 170 kg each per day from 200,000 bales per day earlier this month though overall cotton supplies in spot markets in the current marketing year that began on October 1 are still 7 percent lower than previous year. Besides buying by exporters, firmness in overseas prices are adding to sentiment, said Agrawal.
On Tuesday, the most-traded domestic spot Shankar-6 variety closed flat at 33,900 rupees per candy of 356 kg (around 80.4 cents per lb), data from the Cotton Association of India showed. Spot market prices will be available in the evening. The February cotton futures contract on the Multi Commodity Exchange (MCX) was trading up 0.36 percent at 16,870 rupees per bale (around 84 cents per lb) on Wednesday. Last week, volumes shifted to the February contract from the January contract.

Copyright Reuters, 2013

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