Govt to take call on more cotton exports cottonmarket.in/news/news.php?action=fullnews&id=14151 ..... 28 January, 2014 Against the backdrop of surplus cotton supplies, the government, on Thursday, said it will soon take a call on allowing more exports. The government has so far allowed export of 6.5 million bales (of 170 kg each) of cotton in the current season (October-September). There is a scope for more exports, as the estimates of surplus has been upped to 5.25 million bales. �We will soon take a final call (on more cotton exports). Today, we reviewed the cotton availability,� Commerce and Industry Minister Anand Sharma said, convening a meeting of secretaries in the Commerce, Textile and Agriculture Ministries to assess production, consumption and surplus situation for this year. According to sources, the Textile Ministry has upped surplus cotton to 5.25 million bales for this year from 2.75 million bales estimated in February 2011 due to lower demand. It has revised estimates of cotton demand downwards to 23.8 million bales from the earlier figure of 26.5 million bales on account of high inventories, sources said. It, however, maintained the country�s cotton production at 32.5 million bales for the current season, they added. The government had earlier capped cotton exports at 5.5 million bales to protect domestic textiles industry in the wake of rising raw material prices. But later it allowed additional one million bales. At present, cotton prices have declined to Rs 31,000 per candy (356 kg) now from the peak of Rs 62,500 per candy in March-end. Disclaimer: The information contained here was gathered from sources deemed reliable; however, no claim is made as to accuracy or content. This does not contain specific recommendations to buy or sell at particular prices or time, nor should any examples presented be deemed as such. There is a risk o f loss in commodity trading and commodity options and you should carefully consider your financial position before making a trade. For use at the sole discretion of the investor without any liability on us
Posted on: Tue, 28 Jan 2014 07:22:26 +0000
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