Cotton price spike in global market, raise hope of higher exports from India
Cotton Association of India (CAI) President Atul Ganatra said export demand is currently slow due to novel Coronavirus (COVID-19) lockdown in Europe and few more countries. His association has pegged exports at 54 lakh bales this season. January 19, 2021 / 04:23 PM IST
Axita Cotton | Company received order for Indian organic raw cotton valuing $19,73,117 from Olam International, Singapore. ()
Cotton prices in the global market have increased by four percent since the beginning of 2021 on US Department of Agriculture (USDA) projecting lower opening stocks, production and ending stocks this season (October 2020-September 2021), raising hopes of the commodity exports from India.
Cotton prices continue to rise unabatedly
Business
January 17, 2021
KARACHI: Cotton prices found no respite from an unabated spike during the week with the industrial input traded at season’s high rates as its downbeat local production continues to widen demand and supply gap, traders said on Saturday.
Traders said cotton was traded at the highest prices of the season during the outgoing week while production is expected at around 6 million bales this year.
Price of cotton of Sindh were Rs10,000 to Rs10,700 per maund. Cotton of Punjab was sold at Rs10,200 to Rs11,000 per maund, while lint from Balochistan was sold at Rs10,500 per maund.
The forthcoming Budget is expected to carry enhanced cash benefits, clarifications related to MSPs, new schemes to help the croppers, and changes in existing credit mechanisms
Private Traders Offer Higher Than MSP For Cotton In Punjab On Huge CCI Procurement, Spike In Yarn Rates
by M R Subramani - Jan 13, 2021 06:31 AM
Cotton stock.
Snapshot
Punjab cotton growers are now being offered prices far higher than the MSP by private traders â as high as Rs 5,900 a quintal.
Even as a section of their fellow farmers is protesting against the agricultural reforms brought about by the Narendra Modi government, cotton growers in Punjab are reaping the benefits of the progressive policies that allow them to sell their produce to anyone of their choice anywhere in the country.
Punjab cotton growers are now being offered prices far higher than the minimum support prices (MSP) of Rs 5,515 a quintal fixed by the Union government for this season (July 2020-June 2021) by private traders.
Cotton futures remain flat at Rs 21,180 per bale in afternoon trade
In the futures market, cotton for January delivery touched an intraday high of Rs 21,260 and an intraday low of Rs 21,080 per bale on the MCX.
Cotton
Cotton futures traded steady at Rs 21,180 per bale on January 7 as participants increased their long positions as seen from open interest. Cotton futures pared gains in the last session on January 6, tracking weakness in ICE Cotton to settle at Rs 21,150/bale level.
Mohit Vyas, Analyst at Kotak Securities, said, “Domestic cotton which registered Rs 400 gain in the first session of the week, has remained steady in last two sessions as limited buying by domestic millers and Cotton Corporation of India (CCI) limiting purchases in some states weighed on natural fibre. However, CCI has assured continued procurement, and a steep rally in ICE Cotton futures and better export outlook are likely to keep cotton buoyed in coming sessions.”