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Low off-take from spinners leads to decline in cotton price

04
May '07
Rupee appreciation has affected the Indian export community in general and textile exporters in particular.

Evaluation of Indian currency against the US Dollar has resulted into low off-take from textile spinners, thereby affecting cotton prices, which have gone down drastically.

The spot price for Gujrat and Maharastra cotton declined 6 percent after the first week of April.

The price of Shankar-6 from Gujrat (28 mm) was Rs20,200 a candy in the first week of April and now it stands at Rs19,000 a candy.

Declining value of Dollar has an effect on textile exporters and according to an estimate, 3-3.5 million tons of cotton are in store.

The prices may further slide down as 3-3.5 million tons of raw cotton is likely to come during next few weeks.


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