| Date: |
06-04-2011 |
| Subject: |
Kapas Swells Ahead Of GOM Meeting On Export |
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Kapas surged almost 1% in today's trading ahead of group of ministers (GoM) meeting scheduled on April 7 which would discuss whether or not to allow more exports. The futures prices gained almost 3% in the last three trading session.
As per sources, Agriculture Minister has urged to Prime Minister in order to increase in export quota of cotton by 1.5 million bales to 7 million bales to help farmers realise better prices.
In the last week, Government of India has lifted the restriction on cotton yarn exports effective April 1, 2011. Previously, cotton yarn exports were under license category with a maximum limit of 720 million kgs for the 2010-11 fiscal year, ending on March 31st, 2011.
The MCX Kapas (April2010) futures increased by almost Rs. 13 per 20 kg and were trading at Rs. 1212 per 20 kg in today's trading.
Source : indiainfoline.com
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