To help the textile industry to combat cotton price volatility and risk management through cotton contracts, a Memorandum of Understanding (MoU) was signed between Confederation of Indian Textile Industry (CITI) and Multi Commodity Exchange of India (MCX) on Cotton Price Risk Management. At an event attended by more than 400 delegates from India as well as from other nations such as Switzerland, Indonesia, Bangladesh, Sri Lanka and the Netherlands to name a few.
The MoU was signed on the sidelines of 9th Asian Textile Conference (ATEXCON), the flagship event of CITI held in Mumbai. It is aimed to initiate awareness programmes for cotton value chain participants including farmers, price ticker board installation at textile parks and joint representation to Ministries and Regulators for the growth of the cotton industry.
Mrugank Paranjape, MD & CEO, MCX said, “The signing of the pact with CITI has paved the way for us to work together. The association will help us to broaden our base for cotton futures contract by bringing in more and more cotton stakeholders under the beneficial ambit of commodity derivatives market.”
– Apparel and Textile News, Apparel Talk, Indian Apparel
