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Rally short-lived, cotton prices start dipping again
06
Jun '11
Raw cotton prices which had stabilized for most of the middle of May had once again started rising.

However, the ascent was short lived and they once again started descending towards the end of the previous month and continued to dip in June too.

Shankar – 6 raw cotton prices dipped to Rs 43,000 per candy (1 candy = 356 kg) on May 10, from a high of Rs 61,625 per candy on April 1, down a massive 30.22 percent.

However, on May 11, it smartly jumped by 2.33 percent to Rs 44,000 per candy and oscillated between Rs 44,000 and Rs 44,750 till May 20.

Cotton prices rallied once again, May 23 onwards, to shoot up from Rs 44,500 to Rs 46,750 on May 26, up 6.25 percent.

However, the rebound was short-lived and prices once again started falling and were quoted at Rs 44,250 per candy on June 3.

Editorial note –
The rally in cotton prices was mainly due to speculation that the government may permit exports of 1.5 million additional cotton bales (1 bale = 170 kg). However the rally petered out as demand for the white gold was subdued.

Fibre2fashion News Desk - India

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