DELHI (Commoditiescontrol) - India may produce 340 lakh running bales (165kg each) of cotton in 2016-17 season, similar to last year’s level, said Dilip Patel, President, All Gujarat Cotton Ginners Association. Other hand Dhiren Sheth of Cotton Association of India pegged his estimate at 338 lakh bales.
Dilip Patel added that cotton acreage in Gujarat state may drop by 7-8 percent, but better yield due to good monsoon may offset acreage losses.
When asked about pink bollworm attack to cotton crop in the state, Patel said "Its very marginal and crop unlikely to suffer as it does last season. Sowing almost completed in the country, except in Tamil Nadu, where cultivation is at last stage at few places."
Patel estimated unsold stock in the state at 3 lakh bales and between 10-15 lakh bales in the country.
Patel noted that cotton prices may decline around new crop supply and expected firm tone to prevail until then.
Cotton prices to may trade between Rs 46,000-47,000/candy (356kg each) up to October and thereafter prices may decline to Rs 40,000/candy on new crop supply pressure, reiterated Patel.
Spinners are incurring disparity at present due to higher cotton price, but will be relieved on price fall expected after October, said Patel.
Patel opined that Kapas prices may rule around Rs 5,000/100kg in the spot market at the time of new crop arrivals.
(By Commoditiescontrol Bureau; +91-22-40015533)
0 Comments 
Post Comment 
