Avoid Panic Buying of Cotton – SIMA
The Southern India Mills’ Association (SIMA) has urged the mills to avoid panic buying of cotton as its price is currently ruling around Rs 43,500 to Rs 44,000 resulting in an increase of Rs 5,000 to Rs 6,000. The price was around Rs. 38,000 to Rs. 39,000 per candy of 355 kg during the beginning of the season for the benchmarked variety of Shankar 6.
The cotton price that was increasing steeply until the end of February, has become firm during the last 20 days. As the gap in the international and domestic prices has narrowed down, now imported cotton appears to be attractive due to better yarn realisation, productivity and quality.
SIMA chairman, M Senthilkumar, has stated that cotton position both in domestic and global markets are very comfortable. The cotton production in India for the season 2016-17 might be around 342 to 345 lakh bales as against 351 lakh bales estimated by the Cotton Advisory Board (CAB) at its meeting held in October last year.
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