Financial Daily from THE HINDU group of publications
Wednesday, Sep 03, 2003
Financial Daily from THE HINDU group of publications Wednesday, Sep 03, 2003 |
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Cotton Agri-Biz & Commodities - Cotton Industry & Economy - Exports & Imports Cotton growers may have reasons to smile — Bangla, Indonesia look to source Indian produce G. Gurumurthy
Coimbatore , Sept. 2 COTTON growers in the country have a reason to smile about this season. International shippers have now turned their attention towards Indian cotton to source them abroad. The visibly good projections of domestic production have attracted them. Cotton trade circles here say already a few have shown interest in covering the new crop for export to Bangladesh and Indonesian mills, which are seeking Indian cotton on price consideration. For these mills, the future price quotes offered for November/December deliveries at 50 cents or even further lower at 48 cents per pound would be advantageous compared to the other global varieties, whose price quotes for delivery to be made for the same period would be quite high. At least the 5 to 7 cents difference in prices would weigh heavily in favour of Indian cotton, the sources said. Textile industries in a few more other Asian countries such as Thailand, too, may seek import of cotton from India to take advantage of the prices, the sources said. The demand for Indian cotton also comes in the wake of the International Cotton Advisory Council (ICAC) estimate that global prices for the commodity could head higher this season. Domestic production for 2003-04 season, estimated at around 160 lakh bales (of 170 kg), is seen quite encouraging as apart from the high volume of the new crop, the quality of the new crop is also credited with `satisfactory' levels, pepping export enquiries. Though no confirmed details on possible export orders booked by the shippers is available right now, it is said that some of the Indian agents of international shippers have been asked by their principals to work out the modalities for shipping the new crop from India. Exports of cotton signal a new breakthrough as around 22 lakh bales were imported during 1999-2000 and 2000-01. Imports touched a record 25.6 lakh bales during 2001-02 before declining to 16 lakh bales this season.
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