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Textile manufacturers fear another price rise

R. Vimal Kumar


Online registration of cotton export contracts begins today

Export opportunities unlimited


Tirupur: With online registration of cotton export contracts for the ensuing cotton season (October 1 to September 30, 2011) set to commence on September 15, the knitwear manufacturers are under the fear of yet another spurt in the domestic cotton prices, which already are on a record high.

The registration of cotton exports had been made compulsory by the Government a few months ago as part of restrictions to control the domestic cotton prices which went up sharply following an increase in outbound shipments of cotton from the country.

The announcement of removal of the other restrictions imposed in tandem with the mandatory registration like the export duty levied at the rate of Rs. 2,500 a tonne, the cotton prices went up yet again instead of coming down owing to speculative trade. Even the caps of 55 lakh bales subsequently imposed on cotton exports following pressures from the textile industry did not help to control the rising cotton prices.

“With the restrictions not quantified month-wise, the step to put caps failed to yield the desired result,” industry sources pointed out.

The price of Shankar-6 variety, one of the most popular ones used in knitwear sector, had now touched Rs. 40,000 a candy from about Rs. 29,000 a candy about a month ago.

Cotton Advisory Board member and Tirupur-based garment exporter Raja Shanmugam told The Hindu that the prices might go up from the present levels once the online registration commences on September 15 due to the unlimited export opportunities in the beginning phase of the cotton season till the 55 lakh bales caps was hit.

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