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New cotton arrival leads to drop in prices of Sankar-6
11
Sep '08
Gujarat, one of the major cotton growing belts in India, experienced a whooping decline in the prices of Sankar-6 with fresh arrivals of early sown cotton.

As new arrivals have started flowing in about seven marketing yards of Saurashtra region including Amreli, Savarkundla, Rajkot, Halvad and in Radhanpur in north Gujarat, prices of long staple cotton, more commonly referred to as Sankar-6, have fallen by Rs500-600 a candy from last weeks prices of Rs28,400-28,500.

In an exclusive interview with Fibre2fashion, Mr Arun Dalal of Arun Kumar & Company stated, "Prices of cotton are expected to go down further by the end of October."

He also noted that textile industry has been facing some or the other problem since last year. Opening price of new season in 2007-08 stood at Rs20,000 per candy which rose to Rs26,000 in the first three months of 2008 and thereafter increased to Rs29,000.

Since last year, consumption has increased by 3.5 percent while production on the contrary, declined by 4 percent. Due to speculation created by some foreign companies, there was an uncontrolled hike in cotton prices like in the case of crude oil. Besides, sowing area of cotton has also dropped as farmers are now shifting to other cash crops.

Mr Dalal further added by saying that since the weather this year is good, they are expecting better production but exports are likely to fall compared to last year. In the previous year, exports stood at 8.5 million bales out of which Gujarat contributed about 4.3 million.

This year, however, the country may export only 4.5-5.0 million bales in which Gujarat cotton would still hold a major share with 3-3.2 million bales. Additionally, power cut, inflation, high labor cost, increased rate of interest which has recently soared to 13-14 percent from the initial 10-10.5 and a host of other problems have affected the purchasing power of the consumers as well as the overall infrastructure of the industry.


Fibre2fashion News Desk - India


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