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Rain blesses cotton market scenario
20
Aug '08
Monsoon is known to give respite from scorching summer, but this year it has brought good news for the weavers as well, with prices of cotton going down.

Although cotton scenario looked quite drab few days back, a good spell of rain in the last fortnight has increased hopes of the weavers in Gujarat. The state has always been known for its long staple Bt cotton variety Shankar-6, which stood in the range of Rs28,000-Rs28,500 a candy, during the period October 2007 - July 2008, making it difficult for the spinners.

However, this monsoon has come as a blessing for the weaving mills and current cotton price of BT cotton of 28 mm has come down to around Rs27,000 per candy.

In an exclusive interview with Fibre2fashion, Mr J M Vora (Bhanabhai), Owner of Nirav Enterprise, located in Surendranagar District, Gujarat, told, “Presently cotton price are have come down by Rs1500 – Rs2000.”

In the current fiscal, cotton production has reached 315 lakhs bales. Compared to year earlier, yields increased by 30 lakh bales, which touched around 285 lakh cotton bales.

According to the Nirav Enterprise Head, high exports has created crisis for cotton, and increase in demand for the same can be considered as one of the reasons for such hike in prices. This has resulted in, rise in imports by the textile biggies.

Mr Vora suggested that presently the prices have come under control because the Government has removed duty on imports and withdrawn incentives from export of cotton fibre.

Discussing about the future, Mr Vora worriedly said, “Though there is good rainfall this year, the cotton production is expected to be 10 to 15 percent less. Due to late rainfall the favorable period for BT cotton has gone away. Even in countries like America and Brazil, growth of cotton crop is anticipated to be 10 to 25 percent lower compared to previous season.”

Lastly, he noted that if such scenario persists, demand for cotton may continue further.

Fibre2fashion News Desk - India

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