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Raw cotton prices get impetus due to restricted arrivals
28
Oct '10
Prices of raw cotton got further impetus with the increase in export demands. The arrival of cotton in the local market has also been deferred. The cotton futures on MCX (Multi Commodity Exchange) increased by Rs 35 per 20 kg during the last one week.

India has, so far, permitted cotton exports up to 3.5 million bales against the offer of 5.5 million bales of cotton which is regarded as an exportable surplus in the country.

Prices continued to remain buoyant despite of the decline in cotton arrivals in the major markets and the carryover stock of cotton, which also appeared to be limited. The total cotton arrivals dropped by 12 to 15 percent as compared to the figures recorded last year, owing to the limited supplies from cotton growers. The cotton growers are supposed to stock the cotton in anticipation of the appreciation of raw cotton prices.

Bangladesh has been demanding for a separate quota on India's export of cotton to Bangladesh in order to protect its textile sector. India is expected to export 1.1 million bales of cotton to Bangladesh next year.

The cotton traders are confident about the further rise in cotton prices. The MCX cotton futures contract rallied around 5 percent during the last week and was sold at Rs 751 per 20 kg in its latest trading.

Fibre2fashion News Desk-India

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