India likely of meet cotton export target this season

Posted by Daily Shipping Times on 23-02-2017        Tweet

NEW DELHI: Around 30 lakh bales of cotton has been exported from the Country so far as against a planned target of some 50 -60 lakh bales this cotton season, according to top officials of the Cotton Corporation of India (CCI). Most traders feel that the Country is likely to meet the export targets although some orders were cancelled and some shipments have been postponed. M M Chokalingam, CMD in-charge , CCI, says majority of the shipments have gone to Bangladesh followed by Pakistan and Vietnam. Indian cotton exporters had cancelled orders for around 25,000 bales and postponed shipments of about 200,000 bales by up to a month after a supply shortage pushed up local prices.

According to market reports, exporters had signed contracts at around 75 cents (per lb) in December and January and since domestic prices had shot up to 84 cents, these traders could not fulfill orders and the contracts to export nearly 25,000 bales to Pakistan and Bangladesh were cancelled.

Raw cotton supplies usually peak in India between December and February, pushing down prices.