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Cotton prices hit new highs everyday
10
Feb '11
Cotton prices in Punjab and Haryana surged to a record high level of Rs 6,400 per quintal, which is almost double the rate that ruled in the corresponding period during last year. This price rise is largely because of the export of cotton, low arrival in the cotton market as well as hoarding by cotton growers and ginners. During 2010, cotton prices remained at Rs 3,200 per quintal.

In the middle of increasing cotton prices, instances of avoidance of market as well as rural development fee by several ginners have come into light, thereby causing the state administration to take strict measures against them.

Spot rate of J-34 variety of cotton touched Rs 6,400 per quintal, today. It has become firm by another 10 percent over a period of a week. Price of ginned cotton reached Rs 5,850 per maund (37.324 kg) in comparison with the price of Rs 5,140 per maund a week ago.

Price of cotton was Rs 5,800 per quintal on February 2 but it has reached a record high level of 6,400 per quintal in both Punjab and Haryana, today.

The unprecedented firming of cotton prices is attributed to the exports of cotton, its scarcity as well as hoarding. A large section of the cotton growers as well as ginners have held the stocks of cotton in order to get higher prices. Besides, low cotton arrival in the market owing to less production is another reason for the hike in prices.

Cotton arrival in Punjab remained at 1.3 million bales whereas in Haryana it stood at 1.29 million bales. Punjab had put 5.30 lakh hectares of land while Haryana had put 4.74 lakh hectares of land under cotton cultivation during the last Kharif season.

Fibre2fashion News Desk - India

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