India Cotton 2012 – 2013 Decline on Global Commodity Cotton prices Low
Cotton price India which increased to a height of Rs 63,000 a candy(1 candy = 356 kg) had dropped drastically in the last eight months. India may witness a decline in the sowing of Cotton in 2012-13 due to the lower global price for the commodity in the current year. The country's area under Cotton increased to 118 lakh hectares from around 111 lakh hectares last season.
Higher cotton price of the commodity last year had made the growers to increase the acreage under production. A similar reaction could Lead to drop in crop acreage according to Mr Terry P. Townsend, Executive Director of International Cotton advisory committee.
Cotton production in India has peaked and we expect the area to decline. But consumption will go up and the gap between production and consumption will narrow,” said Townsend, reported Business Standard.
Globally cotton production of the commodity has remained high above the consumption level. The world production for 2011-12 is estimated at 27 million tons (mt) while the consumption is projected at 25 million tons. India's shares stands at 6 mt and in consumption 4.5 mt.
Cotton for December 2011 contract is currently trading at Rs 17480 on tuesday, 15th November at 12:50 IST, on Multi Commodity Exchange (MCX).
Category: Cotton, cotton price 2011, cotton price 2013, cotton prices 2012, global commodity cotton, india cotton prices, mcx cotton trading
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