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Hopes of export resumption keep cotton prices high
24
Dec '10
Cotton exporters are keen on taking advantage of the demand as prices have increased once again in the recent weeks.

Cotton prices stood high as a result of the anticipated demand from exporters, who are waiting for the opportunity to start fresh export registration in mid January. Exports are likely to resume from February 1, 2011. Cotton prices are expected to rectify only when the export demand is fulfilled.

Those cotton exporters who had already registered earlier for exports but could not do so within the set date of December 15 are currently holding around 1.5 million bales with the expectation that the registration will begin shortly.

In Gujarat, the price of Shankar-6 variety is about Rs 42,000 per candy (356 kg).

So far, the Office of Textile Commissioner has got the confirmation for exports of more than 2.2 million bales. However, as per its estimation, more than three million bales have been exported. The confirmation regarding the exports has to be sent to the Commissioner within 21 days which will be over on January 5. The Directorate General of Foreign Trade is expected to commence fresh registrations from February 1.

The government had previously allowed cotton exports up to 5.5 million bales.

Cotton prices are expected to be rectified only when the export demands are fulfilled. Cotton arrivals have increased whereas demand from yarn producers has gone down. But prices have never gone below Rs 40,000 per candy, except when the global market experienced a sharp decline, influencing exports.


Fibre2fashion News Desk - India

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