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Gujarat cotton prices hit record high this season

26
May '08
Spot prices of Shankar 6 variety of cotton rose sharply to record the highest ever in the current season 2007-08.

Prices in Gujarat market jumped by around Rs1000 to touch Rs24,200 per candy against last weeks Rs23,000 - 23,200 per candy. On the other hand, those of other good quality cotton mounted to hit as high as Rs25,000 per candy. Moreover, market observers predict that prices are likely to cross the current levels in the future.

According to estimates made by Cotton Advisory Board, although the figure have already reached 7 million bales, cotton exports from India is likely to reach 8.5 million bales in 2007-08 (Oct-Sept) from 5.8 million bales in 2006-07.

Experts believe that this unreasonable jump in cotton prices is the consequences of supply shortage in domestic market followed by uncontrolled exports. Besides, stocking of the commodity by ginners to get better returns and weakening rupees against dollar has also had its impact in spiking cotton prices.


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