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Stable demand from exporters and mills have ensured that cotton prices do not fall below the current level. Moreover, traders and brokers are hopeful prices will not drop in the near future as supplies remain squeezed.
Best-quality Sankar-6 variety was traded at Rs 38,000-39,000 a candy of 356 kg while lower quality was traded at Rs 33,000-34,000 a candy. Kalyan variety was traded at Rs 23,000-27,000 a candy. Kapas was traded at Rs 700-925 for a maund of 20 kg. While 1,800-2,000 bales of 170 kg each arrived in Gujarat, 4,400-4,500 bales arrived in the rest of the country. Area under cultivation is up by almost 9 per cent in the current kharif season as higher returns earned last year attracted farmers to this cash crop. As on September 2, area under cotton stood at 118.37 lakh hectares against 108.47 lakh hectares during the same period last year.
Meanwhile, the country's cotton exports are projected to jump by 21 per cent to 8 million bales in the 2011-12 marketing year (August-July) on the back of record output and a possibly less restrictive policy, a US Department of Agriculture report has said.
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