India, the world’s second-biggest cotton producer, scrapped a one-week-old ban on exports after protests from growers, traders and China, the nation’s largest customer. As a result prices dropped.
“Keeping in view the interests of the farmers, industry, trade, a balanced view has been considered by the Group of Ministers to roll back the ban,” Indian Commerce and Industry Minister Anand Sharma said in an e-mailed statement on Sunday.
Shipments of as much as 3.5 million bales registered with the ministry prior to the ban will need to be revalidated, Department of Commerce Secretary Rahul Khullar said yesterday. Fresh registrations will not be permitted until further notice, he told reporters in New Delhi.
India banned exports to secure domestic supplies after sales exceeded the government’s estimate of the country’s exportable surplus. The resumption of shipments could add to global supplies and pressure futures, which have fallen 55 percent in New York over the past year.
The Indian Directorate General of Foreign Trade will revalidate permits issued prior to the ban within than 10 days and a panel of ministers headed by Indian Minister of Finance Pranab Mukherjee will meet in two weeks to discuss exports, Indian Ministry of Textiles Secretary Kiran Dhingra said.
“This will help farmers get a higher price immediately, at least 10 percent more, and encourage cotton planting for next year,” Cotton Association of India president Dhiren Sheth said in a telephone interview on Sunday.
“The government decision will help avoid disputes and arbitration in international markets,” he added.
Cotton prices in India climbed the most in more than a week yesterday. In addition, delivery contracts for next month surged by as much as 3 percent to 848.50 rupees per 20kg and was trading at 834 rupees at 12:04pm on the National Commodity & Derivatives Exchange of India Ltd.
Futures in New York fell for a fifth day, the longest streak since September last year. The price of May-delivery contracts dropped by as much as 0.9 percent to US$0.8801 a pound (0.45kg) on ICE Futures US, before trading at US$0.88.06 at 12:06pm in Mumbai.
The introduction of the ban drove prices up by the daily limit last Monday and to US$0.9424 a pound the following day, the highest level since Feb. 17.
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