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Drumbeat: Ad Buzzaar
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Monday, June 29, 1998
Unutilised cotton quota may find a market in Far East
Our Bureau
Last week, the government opened up the unutilised quota of 22,800 bales for all and the bids for these have been invited on July 1, 1998. This quota comprising of 13,800 bales from general ginners and 8,000 bales from Suvin cotton allotted to Tamil Nadu ginners is opened to trade category to which anyone can subscribe. However only inferior quality of medium and medium long staple will be allowed to be exported. According to traders, this means it could be exported to only Far East countries where the low quality cotton is also being used by the spinners. In the west, there are no takers for these Indian varieties.Besides, the Far East Asian countries are currently reeling under crisis and are likely to pick low priced items to survive. According sources, this is being viewed as an opportunity for Indian cotton which has become heavier on the lower counts while finer varieties have been grown less. This move is also expected to help the current firm trend in cotton prices. However, it is only thosecotton traders-exporters who would actually utilise this quota who have matching inquiries from their buyers from Far East. In the absence of this match-making, it may not be so easy to push exports of cotton even with this release of quota for open category. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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