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Shankar-6 raw cotton prices plunge
07
May '11
Beginning from April 1 and till yesterday, domestic prices of the most exported variety of raw cotton from India; Shankar-6 have plunged by more than 26 percent.

The price of Shankar-6 which had stood at Rs 61,625 per candy (1 candy = 356 kg) on April 1, dived to Rs 45,250 in the closing hours of May 6, down by a massive 26.57 percent.

On May 2 alone, the price of a candy fell by 4.65 percent. On April 29, the previous working day, the price had declined by 3.99 percent.

In the current week, Shankar-6 prices are down 7.17 percent, from Rs 48,750 per candy on the opening day of the week.

Experts from the industry attribute the fall to a slowdown in demand as well as to the poor quality of cotton arriving in the markets.

Click here to view and compare daily prices

Editor's note –
The way, cotton prices had more than doubled in the current cotton season, when compared with the previous season, coupled with slowdown in demand, a correction in the prices was inevitable.

Fibre2fashion News Desk - India

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