Drifting Lower

MOST of the important cotton growing tracts had beneficial rains last week but the market's temperature did not come down. On the contrary, it soared to a new all-time high. Prices of long staple cottons like ISC-67 and Saurash- tra C02 have shot up by Rs 125 to Rs 175 a candy and medium and short staple varieties have risen by Rs 50 to Rs 25 a candy. Last week's rise has nothing to do with crop estimates; nor has mill buying been inspired by any sudden favourable turn in the industry's fortunes.