India'S Cotton Prices Are Bound To Rise As Exporters Increase Acquisitions
India is the world's second largest cotton producer and exporter, and the India government has approved the export of 5 million 500 thousand packages since November 1st this year.
cotton
But shipment time must be before December 15th.
A resident in Gujarat.
Exporter
In order to fulfill export contracts, exporters are very active in the spot market.
They are eager to buy cotton for import and export.
The 2010-11 year began in October 1st and the global supply of cotton is tight this year. Therefore, the number of exporters in India may be less than half of that of 5 million 500 thousand packages.
A senior government official said on Monday that the number of goods in India's spot market decreased by 2.5% from October 1st to 7 million 20 thousand packets, and that prices may rise this week because of rain in cotton growing areas.
According to data from the India Cotton Association, the price of the largest Carle 6 variety on Monday was 42800 rupees / candy (356 kg).
Last month, the price hit a record high of 46200 rupees.
An industry official said cotton production in India could exceed 33 million in 201-11 years, much higher than last year's output of 29 million 500 thousand bags.
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