Stock Advisory in Indore, Cotton prices jumps in 7% on fear of fall in output
Cotton prices have jumped 6-7% in a week, as the trade is speculating a big fall in output due to pink bollworm attacks in some states, even though there is little clarity yet on the extent of the damage.
“Prices have increased by? 250-300 per quintal last week. From our earlier estimate of 400 lakh bales, the trade expects production to fall to 340 lakh bales,” said Pradip Jain, president of the Jalgaon Ginning and Pressing Association. Concerns about crop quality have also impacted prices. “Of late, instances of rejections of cotton bales by buyers have increased,” said Jain.
Various government and trade bodies have undertaken surveys to reassess the crop. A Maharashtra government official, who did not want to be named, said the fall in yields could be 15-20%.
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