Shankar 6 raw cotton prices have surged around 9 percent since the beginning of this current month. Prices which were quoting at around Rs 34,500 per candy (1 candy = 355 kg) on July 2 were offered at Rs 37,600 per candy on July 24.
Shankar 6 cotton prices surged by 4.72 percent to Rs 37,175 per candy on a single day on July 16 and ever since have been gaining steadily with each passing day. Shankar 6 cotton is a variety grown in Gujarat and is the highest exported quality.
“There are many reasons for the hike in prices”, Mr Arun Dalal, a well-known Ahmedabad based cotton trader told fibre2fashion. The biggest being the partial withdrawal of electricity cuts in Tamil Nadu from 55% to 10% from June 1”.
He added, “This led to improved operating performance of spinning mills. Along the same time, there was a spike in global demand for cotton yarn. Volumes of cotton yarn exports from Indian were very high in the first quarter ending June 30.
“In the same period, cotton yarn prices too increased by Rs 20 per kg. All these reasons in turn, renewed demand for cotton and also led to a hike in cotton prices which have risen by around 9 percent in the current month”, he concluded by saying.
Farmers in Gujarat too have benefited from this price hike as cotton seed which was quoting at Rs 750-800 per maund (1 maund = 20 kg) is now quoting at Rs 950-1,000 per maund, he revealed.
Click here to view Shankar 6 price trends in July
Fibre2fashion News Desk - India
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