Indian cotton prices seen lower

Cotton prices in India are expected to fall this week due to sales from government reserves and subdued local demand though the marginal quantity put on sale is seen supporting prices. The Cotton Corporation of India (CCI) has so far put 45,000 bales on sale in two e-auctions, out of which just 3,000 bales have been sold, traders said.
CCI is likely to release 250,000 bales in the domestic market. "Buyers are bidding lower at the auction because the cotton market has come down, but CCI is not interested in selling its cotton at lower prices," said Arun Dalal, a trader from Ahmedabad. "Demand from millers has also come down. If CCI had sold in March, then sale would have been much better."