Regional Economy: Cotton Prices In Gubang Of India Soared And Cotton Prices Rose Again And Again In Brazil

2022/1/27 12:34:00 0

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In Gujarat, India's largest cotton producing state, cotton prices soared 9% in the first three weeks of January. In early January, the local price of new cotton was between 70000 and 71500 rupees per Kandi, and recently it has been close to 77000 rupees per Kandi. Compared with the 45500-46000 rupees / Kandi in the same period of last year, the year-on-year increase has exceeded 65%.

Local traders said the cut in Gubang's output has led to the current surge in cotton prices. According to the latest Indian cotton balance table released by CAI in December, the output of Gubang decreased from 1.649 million tons to 1.564 million tons, down 5.2% month on month. In addition, traders believe that it is difficult for local cotton prices to fall sharply, because the inventory of textile enterprises has been basically exhausted, and strong domestic demand in India will continue to boost cotton prices.

Brazil's national commodity supply company (conab) estimates that the cotton planting area in Brazil this year will be 1.542 million hectares, an increase of 12% over the same period last year; The yield per unit area was 117 kg / mu, increased by 1.50% year on year; The output was 2.7 million tons, up 11% year on year.

In terms of weather, frequent rainfall this year has greatly promoted the cotton planting process. In Mato Grosso Prefecture, the main cotton producing area, soybean harvest is timely, and timely rainfall is favorable, so the cotton planting conditions are relatively ideal. Cotton farmers are worried about the rise in fertilizer prices and the increase in planting costs. In addition, the market is still generally concerned about the evolution of the epidemic situation and the trend of the Brazilian real currency.

In terms of price, as of the 25th, Brazil's average cotton price in January was 121.81 cents / pound, up 8.6% month on month.