By admin       2018-06-04

Ahmedabad - June 2, 2018 - Cotton prices are on the upswing in Gujarat and have moved up by Rs 3,000 per candy of 356 kg in past 10 days on the back of good export demand and rising international rates of the commodity precipitated by adverse weather conditions in US and China. According to the industry experts, Indian cotton is currently the cheapest in the world and that is why global demand has been diverted here. Cotton prices are presently at about Rs 45,000 per candy, up from Rs 42,000 ten days ago in Gujarat. One of the reasons being cited for the increase in prices is the decrease in arrivals to 40,000 bales (a bale of 170 kg) per day in the state with the cotton season drawing to a close. Looking to the present scenario of the market, cotton prices may continue to grow as the arrival of the quality cotton is limited. “Due to unfavoUrable climate condition in major cotton growing countries like China and US, international prices have gone up sharply and global demand has diverted to the India as our cotton in terms of price is cheaper. China, Bangladesh and Vietnam are aggressively buying Indian cotton which lifted prices in domestic markets,” said Arun Dalal, leading trader and exporter from Ahmedabad. As on 31 May, India has exported about 6.5 million bales of cotton and of it nearly 3.5 million bales have been exported from Gujarat alone. Last year, the country’s exports had touched some 58 lakh bales.

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