Mr. Subash Grover, Chairman and Managing Director of The Cotton Corporation of India (CCI),commented that the
November arrivals will be higher than what it was during last November.
Furthermore, he commented that this season’s December arrival will be
10% higher than the 2009 December arrivals. He said on a conservative
estimate the arrivals during this November-December period will be 5-7%
higher than what it was during this time last season.n a separate
conversation, a cotton purchasing executive of a multinational company
heaquartered in India who wanted to remain anonymous stated that the
rains since Diwali, the festival of lights holiday, some cotton growing
states have been affected by the unseasonal rains and farmers are
facing logistic problems in bringing cotton to market yards. The rains
have slowed the ginning but the situation is hoped to return to
normalcy soon. ..
According to this textile mill executive, this temporary halt has shot
up the Indian cotton price contrary to the international price which
has come down significantly from the November 9th price of $1.51 per
pound. Commenting on the price, this gentleman hinted that the price of
Sankar-6, the benchmark cotton has come down from Rs 47,000 per candy
(356 kilograms) to Rs 42,000. But due to the temporary halt in the
arrivals, the price has slightly gone up to Rs 44,000 per candy as of
November 24th. According to Mr.
Grover, India’s cotton crop is estimated at 32.5 million bales (170 kg
each) as estimated by the Cotton Advisory Board. The Cotton Association
of India has estimated the crop to be 35.7 million bales (170 kg each)”.
Date:11/25/2010
Source:www.english.globalarabnetwork.com