MUMBAI Nov 1 (Reuters) - Indian cotton may edge lower during the week as arrivals are in full swing in most growing areas, but beginning of exports may limit losses, traders said on Monday.
"Arrivals have started in most places now. Prices have cooled down by about two percent since last week," said an official with the state-run procurer Cotton Corp. of India.
The arrivals stood at 2.11 million bales (of 170 kg each) as on October 30, compared with 1.72 million bales during the same period in the previous year, the official said.
India has allowed cotton exports for the 2010/11 season from Monday, an official with the federal textile ministry told Reuters. See [ID:nSGE6A00DS]
India, the world's second-biggest producer and exporter of cotton, delayed exports by one month until Nov. 1, as arrivals of the fibre were delayed. See [ID:nSGE68R0LV]
India has stipulated the exports at 5.5 million bales to facilitate domestic supplies. [ID:nSGE69A0AA]
In India, the most common Shankar-6 variety was trading at 41,600 rupees per candy (of 356 kg each) on Monday, up about 80 percent compared with a year ago, data with the Cotton Association of India showed.
Cotton output in India is likely to jump to a record 35 million bales in 2010/11, higher than the earlier estimates of 32.5 million bales, on better yields. [ID:nSGE68L0F2]
(Reporting by Sourav Mishra; editing by Sunil Nair)
Source: http://in.reuters.com/article/idINSGE6A00IR20101101
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