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Commerce Minister throws spanner in lint prices
29
Apr '11
Cotton prices have plunged in the last few days. There were signs of a revival on the opening day of the current week, but was short-lived after an announcement by the Indian Commerce Minister.

Cotton seed prices plummeted to below Rs 4,500 a quintal during last fortnight after touching a high of Rs 7,000. There were signs of improvement on Monday when the rates firmed up by Rs 500-700.

However, Mr Sharma, the Commerce Minister said on Monday that the government will consider increasing the cap on cotton exports from the current level of 5.5 million bales only in the next harvest season starting in October.

This proved to be a dampener and was enough to bring back cotton seed prices to Rs 4,500-4200 per quintal levels on Wednesday. The rates further plunged to Rs 3800-4000 per quintal on Thursday.

Farmers across the cotton producing regions of Maharashtra who had stocked their cotton crop on hopes of getting higher prices are now a dejected lot.

Fibre2fashion News Desk - India

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