Last Updated : 30 July 2012 at 11:15 IST
India may regulate Cotton exports to meet domestic demand
Source :agencies
With the rise in cotton price in Indian markets due to lower availability of cotton for the yarn makers as the demand for the commodity surged on ongoing festival season and upcoming wedding, the textiles ministry planning to regulate cotton exports of the country.
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MUMBAI (Commodity Online): With the rise in cotton price in Indian markets due to lower availability of cotton for the yarn makers as the demand for the commodity surged on ongoing festival season and upcoming wedding, the textiles ministry planning to regulate cotton exports of the country.
The Indian market is experiencing lower availability of cotton as the traders are more interested in exporting the commodity rather than selling it in domestic market on the back of higher price received from the global market.
And with the cotton exports are regulated, it would be easy for the government to control the demand, supply and prices of the commodity in the domestic market.
India's cotton output for 2012-13 is expected to be around 33.6 million bales and is expected to export around 12.5 million tons. While domestic demand is estimated at 26 million tons.
Currently, there are hardly any stock in the domestic market against the rising demand which is a odd situation.
Meanwhile, the production of cotton is estimated to drop on lower acreage under crop and on bad weather. Which is likely to push the prices upwards.
In India's National Commodity and Derivatives Exchange (NCDEX), during the the month of July till 28th , for February delivery, the cotton prices shot up 9.44% to Rs 1101.50 per qtl.
In NCDEX for February delivery, the commodity traded at Rs 1090 per atl on 30th July at 11:00 IST.
