Though prices of cotton are touching the sky, cotton cultivators in the country, particularly in Gujarat's Saurashtra region are upset, as heavy rains in the region, last month, have spoiled their crops.
The farmers in the region were required to bear extra cost to protect their crops. Their present earnings are not sufficient, as they spend much more to protect their crops from various pests and diseases.
Meanwhile, ginners in the region who process raw cotton to develop lint which is used by textile units too are not happy, as they are finding difficulties in procuring raw cotton. As against the usual inflow of 70,000 bales, this season only 35,000 – 40,000 cotton bales have reached Gujarat markets by now.
Also, exporters alarmed by the rise in prices of the commodity in the global market are making a bulk purchase, which is also adding to the problem. While commodity prices have gone up in the domestic markets mainly because of the Centre's decision of allowing cotton exports up to 5.5 million bales (1 bale = 170 kg).
Moreover, as the cotton export registration started on October 1, it got concluded in just 10 days' time as the entire export quota got fulfilled.
The cotton prices in Rajkot surged to Rs. 3,000 per candy (1 candy = 356 kg) in just past three trading sessions. Also, Sankar – 6 variety of cotton was traded at Rs 43,300-43,500 per candy.
December delivery of cotton in New York rose by four percent to $1.2445 per pound, which is the highest price recorded since the fibre begun trading 140 years back.
Heavy rains in some of the regions in the country have affected the cotton produce, as cotton plants in these regions grew very tall, which impeded the exposure of the bolls to sunlight at the lower end of these plants.
Fibre2fashion News Desk-India
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