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Surging cotton prices forces switch to polyester
16
Oct '10
In the midst of condemnations over Centre's decision to permit export of cotton, prices of cotton have shot up by around Rs. 400 per quintal, for reasons like slow pace of cotton arrivals in the markets from cotton producing regions, coupled with heavy demand from textile units in Punjab and Haryana.

Though cotton cultivators are rejoicing this jump in the price of the commodity, however, this has caused the RMG producers to switch to use of polyester materials, so as to cut down on their cotton consumption, thereby cutting back on the cost of raw-material.

Over last week's Rs 3,710-3,730 per maund (37.324 kg), prices of ginned cotton have soared to Rs 4,000- 4,005 per maund this week. Prices have been rising by Rs 20 / kg, each day, without any break.

The main factor responsible for the current surge in the commodity price is that, whereas the crop's arrival in the markets has been delayed, on the other hand, spinning units who have been maintaining a low inventory are buying the commodity at higher rates to meet their immediate demands.

Further, while discarding the spinning unit's claims of scarcity of the commodity, experts stressed that, there are meagre chances that the cotton prices may rise further, as there have been good rains this year.

The cultivators have started selling their crops instead of holding the same, as they are getting really good rates for their produce right now, which has made the experts to believe that there would be a considerable rise in the volumes of crop hitting the market in coming days.

Fibre2fashion News Desk - India

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