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Tuesday, 23 April 2019

Cotton price increases by 5%, ‘worried’ trade bodies call for a meeting

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Among the estimates of decade’s lowest cotton production in the coming season, its increasing price has become a reason of worry, for many. In the last one month, there is almost 5 per cent increase in the cotton’s price. According to a news report by The Hindu, a leading English daily, prices of ‘Shankar 6’ variety of cotton shot up from Rs. 43,000, a candy, last month to Rs. 45,500 on Wednesday.

Various trade bodies of the cotton segment are planning to take some joint efforts to keep the price stable. Few of the trade and industry associations have written to the Ministry of Textiles (MoT) asking for a meeting of the Cotton Advisory Board (CAB) to discuss the same.

The CAB, that releases the official cotton data in India, last met 6 months ago in November 2018, while it should meet every alternate month during the peak season. However, it has not done so, this cotton season (October 2018 to September 2019). This is also one of the reasons that prices of cotton have increased because of uncertainty and lack of clarity on cotton production scenario. J. Thulasidharan, president of the Indian Cotton Federation (ICF) is of the view that the CAB should definitely come forward over the matter.

In November, 2018 the CAB had estimated cotton production this season to be 361 lakh bales. So far, 295 lakh bales have come into the market.


Source: https://in.apparelresources.com