Published on 2010-12-06 14:34:37
New Delhi - India is planning to extend the deadline of Dec. 15 for exports of 5.5 million bales of cotton by a month as most exporters are struggling to carry out shipments within the time limit, a senior government official said Monday.
Traders say that they are unable to meet the deadline as late rains have delayed cotton harvest and reduced local supplies so far.
India is expecting a bumper cotton crop of 32.5 million bales, of 170 kilograms each, in the marketing year that began Oct. 1, and cotton traders have been lobbying for exports to take advantage of soaring global prices.
Global prices are hovering near record levels after two key producers--China and Pakistan--have forecast a drop in output due to floods.
Traders say that they are unable to meet the deadline as late rains have delayed cotton harvest and reduced local supplies so far.
India is expecting a bumper cotton crop of 32.5 million bales, of 170 kilograms each, in the marketing year that began Oct. 1, and cotton traders have been lobbying for exports to take advantage of soaring global prices.
Global prices are hovering near record levels after two key producers--China and Pakistan--have forecast a drop in output due to floods.
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