Indian cotton prices still rise CCI sells while collecting
According to statistics from the Cotton Corporation of India (CCI), so far, the volume of cotton on the market in India has exceeded the expected output by more than half. CCI purchased a total of 620,000 bales (170 kg each), of which 367,000 bales were purchased at the MSP minimum support price (Rs. 4,270/kg), mainly 2 months before the launch of new cotton (the domestic spot price was lower than the MSP at that time) , the remaining 253,000 bales are purchased under CCI commercial operations, and currently about 10,000 bales are purchased in the spot market every day. As the market price is higher than the MSP level, CCI has started selling cotton stocks to the market.
So far, India’s cotton exports have exceeded 2.2 million bales. Arun Dalal, a cotton trader in Ahmedabad, believes that cotton prices are expected to rise further as quality issues arise in the future, and the boost to the textile industry will continue to push up cotton demand.
It is understood that the cotton price in the market of Gujarat, India, has dropped slightly from a high of 5,500 rupees and stabilized in the range of 5,150-5,250 rupees/kg. Cotton prices in Telangana, Karnataka, Maharashtra and other markets fluctuated between 4,800 and 5,200 rupees. Ramanuja DasBoob, a global cotton trader manager, believes that strong buying demand in the global cotton market will support Indian cotton prices. Indian cotton prices still rise CCI sells while collecting
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