MUMBAI(Commoditiescontrol) – Cotton shipments during the first eight months of 2016-17 marketing year was marginally lower nearly 1 percent to 59.39 lakh bales. Last year, the same period has seen shipment totaling at 59.85 lakh bales.
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Shipments rose 30 percent in the month of May to 6.21 lakh bales, from 4.77 lakh bales in April. However, it significantly surged 138 percent for the same period in 2015-16 at 2.21 lakh bales.
Cotton shipments rose in the month of May considering domestic prices were cheaper during February to March, when the commitments may have likely taken place, as observed in the chart.
Taking the Gujarat Shankar 6(30mm) variety cotton as benchmark, prices were in discount by 3-5 percent, during Feb-March, ranging between 80-84 cents/lb compared to Cotlook Index A ranging between 85-88 cents/lb.
(By Commoditiescontrol Bureau; +91-22-40015534)
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