China
bought 30 lakh bales of cotton from across the world during the
January-February period, which is close to three times higher than in
the same period last year,” said Kishor Shah of the Central Gujarat
Cotton Dealers Association (CGC DA)”.”The spot price of Shankar-6
cotton touched Rs 29,000 per candy in March. The price was Rs 26,000
per candy in January. Currently, Shankar-6 cotton is being traded at Rs
28,500 to Rs 28,600 per candy,” Shah said, adding, “The trend is
similar in other varieties of cotton from other states.” ..In 2008,
Shankar-6 cotton prices had crossed Rs 29,000 per candy. Cotton traders
feel the current situation will take cotton prices to a new high this
year. The Cotton Association of India’s February estimates show a
cotton crop size of 301 lakh bales in India in the current cotton year
(October-September) ..According to cotton traders’ estimate,
cotton imports by China during January and February stood at 2.99 lakh
tonnes and 2.21 lakh tonnes, respectively. Of the total imports by the
neighbouring country in January, 1.72 lakh tonnes cotton was bought
from India ..Although China’s cotton imports eased in February
compared to January, they remained 137 per cent higher on a
year-on-year basis. “Of the total amount of cotton booked for exports
from India during January-February, on an average, 50 per cent was for
China,” said Manubhai Shah, owner of Manubhai Mangaldas & Co, an
Ahmedabad-based cotton trading firm .
Date:3/29/2010
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