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Updated on October 9, 2018 From The Global New Light of Myanmar

Cotton price hits high of Ks1,750 per viss

COTTON price hit its highest level reaching Ks1,750 per viss in past 20 days increasing from K1,250, according to the cotton growers in Monywa.
        The pre-monsoon cotton price has been spirally upward since 20 days ago and reached peak yesterday due to higher demand from China. The pre-monsoon cotton are planted in March before the rainy season and harvested in July.
        “The prevailing cotton price is Ks1,600 per viss for those cotton that has moisture content due to rain. The dried cotton fetches higher price. The global cotton price is around Ks5,000-6,000 per viss. Therefore, cotton price is likely to remain on the high side. It can receive Ks1,500 per viss when there is an excess supply in the market during harvest season”, said U Tun, a cotton grower.
        Insect-protected cotton seeds imported from India are distributed among local growers. The corn yield average of 1,000 viss per acre with irrigation water and from 400 to 700 viss from rain-fed rield.
        A grower can earn K1.6 million from per acre yield of cotton from a farmland with irrigation if it is calculated with current market price. The cultivation cost is around Ks400,000 per acre, said the growers.
        “China is main buyer of Myanmar’s cotton. China re-exported Myanmar’s cotton to Viet Nam and Hong Kong. However, we cannot be solely reliant on single market. We have joined hands with India’s merchants. India offers price depending on global cotton price. Meanwhile, China offers lower than actual price and it often manipulates the market with non-competitive practices whenever there is another buyer country. Cotton price is possibly around Ks1,500 per viss. If moisture content will become higher due to unseasonal torrential rain, it might drop to Ks1,300”, said U Than Tun, Sagaing Region agriculture expert.
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