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Price of good quality cotton may rise in Indian market
Mar '14
Shortage of good quality cotton may trigger yet another rally for good quality cotton, while average quality cotton may see new low everyday over the next few days, predicts the weekly cotton report, prepared by S. Ajaykumar & Company.
The price of benchmark Shankar-6 cotton of high grade traded at around Rs. 42,800 per candy of 356 kg in the Indian market last week ending March 8, 2014, while the price of lowest grade cotton was quoted around Rs. 39,000 per candy.
The wide gap in the prices was due to arrival of last picking. In fact, the third pick of seed cotton is beyond the expectation of farmers, as quantity has increased in all Bt cotton growing areas across the country. However, the quality parameter has declined and there is excess crop of lower variety.
Hence, over the next few days, the price of good quality cotton may see a rally, while the price of average quality cotton may hit a new low everyday, the report forecasts.
On export front, the appreciation of the Indian rupee by about 2 percent was squared off with uptrend on NYBOT, last week.
By week ending February 27, 2014, India’s 2013-14 cotton export commitments increased to 9.302 million bales, which is about 91 percent of the USDA forecast for the 2013-14 season, the report mentions.

Fibre2fashion News Desk - India

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