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Cotton prices will stabilize if China exits market – expert

17
Feb '10
Cotton prices in India and Gujarat in particular are on fire. This week too cotton prices of the popular Gujarat variety 'Shankar -6' have jumped by Rs 300 per candy (1 candy = 356 kgs) to Rs 26,300 per candy, when compared with the previous week.

The main reason for this flare-up is attributed to large purchases by China, which other than being the largest producer of cotton is also the biggest cotton consumer in the world. Cotton production in China is estimated to dip by 10 percent in current season.

Experts are of the opinion that prices will maintain stability in the months to come, if the Chinese government decides to release cotton from its reserves, as it did last year, otherwise cotton prices are expected to firm up further.

According to Mr DK Nair of Confederation of Indian Textile Industry (CITI), India is expected to export 5.5 million bales (1 bale = 170 kg) in the current cotton season, against 3.5 million bales in the previous season on account of renewed demand.

As of January, cotton exports have touched 3.5 million bales beginning from the onset of the season in October. According to the Textile Commissioner, Mr Joshi, cotton output in India will touch around 30 million bales in the current season.

Cotton arrivals in all major markets put together have maintained a daily average of 185,000 bales. Gujarat which is the largest producer of cotton in India saw arrivals growing by 28 percent to 6.8 million bales, while it plunged 24 percent to four million bales in Maharashtra.

Fibre2fashion News Desk - India


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