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Very Different Scenario

Very Different Scenario DESPITE a much smaller opening stock of 19.39 lakh bales (against 30.79 lakh bales last season), extremely restricted supply from the new crop so far and reports of heavy damage to the crop in the central belt because of the drought conditions, cotton prices have come down by Rs 1,800 to Rs 4,500 a candy (11.6 per cent to 26 per cent), according to variety, from their August all-time highs. The current decline is essentially in the nature of a correction of the earlier speculative excesses. The decline in cotton yarn prices (5 per cent to 14-per cent) following the ban on yarn exports has also had a salutary impact on the cotton market.

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