Indian cotton price drops by 20% to 30%, Kupang demands to increase cotton export quota
According to comprehensive Indian media reports, the price of cotton in India has plummeted from 63,000 rupees per kandy (356 kilograms per kandy, approximately US$3,960 per ton) two months ago to 43,000 rupees per kandy (approximately 2,700 US dollars per ton), a drop of more than 30%.
Affected by the fall in cotton prices, nearly half of the cotton ginners in Gujarat, India’s main cotton-producing area, have suspended operations, waiting for prices to pick up.
The chairman of the Saurashtra Cotton Ginning Association said that the purchasing price of some cotton gins in stock is around 60,000 rupees per kandy, and they are currently losing nearly 20,000 rupees per kandy. They hope that the cotton price will return to 63,000 rupees. rupees, but this requires the government to reopen cotton exports. Saurashtra Cotton Ginning Association has joined other agriculture-related associations to recommend to the government to increase the export quota for cotton.
Gujarat Agriculture Minister Dilip Sanghani said that a major factor in the decline in cotton prices is the cotton export quota introduced by the government. To reverse the current decline in cotton prices, the central government should increase the cotton export quota to 15 million bales (1 bale is 170 kilograms).
The Chief Minister of Gujarat also wrote to Indian Prime Minister Manmohan Singh on this matter, requesting an increase in cotton export quotas.
Currently, the export limit for the 2010-11 cotton season is 5.5 million bales. India’s National Cotton Advisory Committee predicts that the 2010-11 cotton season output will reach a historic high of 31.2 million bales.
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