Cotton prices are expected to remain moderately firm in the near term. However, profit booking at higher levels is likely to keep prices under check. However, if the US dollar gets stronger against the rupee, there could be good export demand for cotton. This can also firm up domestic price, according to Mullick, assistant vice-president for retail research at Religare Commodities.
Government simplifying Registration Certificates (RC) procedures for various commodities including cotton and cotton yarn. To this effect the Directorate General of Foreign Trade (DGFT) has issued a notification which reads “There shall be no requirement of submitting any document in electronic filing for obtaining Registration Certificates (RCs)”
Exporters of cotton and cotton yarn with immediate effect have been exempted from mandatory filing of documents in physical form to obtain registration certificates for shipment.
Cotton Leads, which was launched just over two months ago, is a joint initiative by the Australian and US cotton industries is committed to improving farm production practices, environmental stewardship and “the dissemination of best practices information broadly throughout the world's cotton producing countries”.
Thirty textile companies across the USA, China, Taiwan and Europe have signed up to a programme that sources responsibly-produced cotton.
Indian Cotton Federation is ardent to establish better trade relationship and a direct connect between the African cotton grower/ginners and the buyer in India following the meeting with three-member team from that continent, third delegation in the last couple of months in India on an exploratory trip, to understand the requirement of the industry.
Trading activity remained extremely slow on the cotton market on Thursday with hardly any worth mentioning deals were reported to have changed hands on Thursday as Ginners were reluctant to sell their stocks at current rates, whereas the spinners on their part were making every efforts to pull prices in their favour. c
Trading activity touch rock bottom, as there seems to be no relief in rising trend in phutti (seed cotton) prices and this has been the main factor behind higher price demand from ginners.
The cotton prices last month saw a rise, by Rs 2,500 a candy (356 kg) due to the soaring demand from mills and exports. At the same time, restricted selling by farmers was seen as one of the reasons for inflation in cotton prices. According to industry sources, prices moved up from Rs 38,300-38,500 a candy to Rs 40,800-41,000.
As per Arun Dalal of Arun Kumar & Co, a leading cotton trader from Ahmedabad, due to improved export, there has been a heavy rise in demand from domestic mills. To create stock, domestic yarn mills also bought cotton in large quantities during December.
As cross-pollination in BT-cotton plants in rural pockets has begun, officials in the district are closely monitoring whether child workers are being employed in the fields.
The Karachi Cotton Association (KCA) revised up its cotton spot (average) rate by Rs50 per maund (37.324 kilograms) to Rs7,000 per maund after the price of the commodity recovered to Rs7,200 per maund at the local markets, a dealer said on Monday.
India has withdrawn incentives for exports of cotton and yarn, a value-added product used by textile mills, an official order said, a move that could cut exporters' margins in the world's second-biggest exporter of the fibre.
