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Farmers & spinners benefit from global recovery

30
Dec '09
Since the beginning of the new cotton season, cotton farmers in Punjab are wringing their hands with glee as prices of raw cotton have shot through the roof in recent weeks as spinning mills across the state are scrambling to purchase the white gold.

Against the government mandated Minimum Support Price (MSP) of Rs 2,800 per quintal, these farmers are taking home Rs 3,350 per quintal, thanks to the noticeable recovery and surge in demand for cotton yarn in the global and domestic markets.

Textile mills, particularly spinning mills are gearing upto increase their operating capacities and with news of a lower global output of the cotton crop and expectations of an even more increase in cotton prices, these mills are on a cotton purchasing spree.

The spinning mills are in for a bounty from the state. The 4 percent entry tax that was imposed on cotton bought from outside the state is expected to be rolled back and the notification for the same is expected by the second week of January.

Demand for raw cotton and cotton yarn has come in from countries like Bangladesh and China due to an improvement in the order position of their value-added sectors like clothing and home-textiles, which is also fuelling the increase in raw cotton prices.

Fibre2fashion News Desk - India


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