India allows traders to export 19 lakh bales of Cotton


NEW DELHI (Commodity Online): Indian traders and farmers likely to experience some relief as the centre decided to allow exports of 19 lakh bales of cotton which is likely to give a fresh impetus to the price of the commodity.

India government had banned the export of raw cotton on 5th March, 2012. This was revoked on 12th March, 2012.

All Registration Certificates (RCs) were to be scrutinised before revalidation so that they could go ahead with their exports. Government directed that priority should be given to Indo-Bangladesh, Indo-Myanmar, Indo-Pak, Indo-Nepal and Indo-Bhutan borders.

The next priority was to be given to cotton that had been handed over to Customs.

This is likely to raise the price of the commodity in the domestic market.

In Inter-Continental Exchange (ICE), cotton for April Delivery traded up 0.50 cent to 93.50 cents on Friday.

And in India’s National Commodity and Derivatives Exchange (NCDEX), cotton for April delivery traded down 1.18% to Rs 793.5 per qt on 13th April at 14:10 IST.