Cotton supplies from the new crop in India, the world’s second-largest producer of the fibre, have fallen 19 per cent so far in the current season that began on October one, Mr. B. K. Mishra, managing director of the state-run Cotton Corporation of India said.
In the spot markets so far farmers have brought in around 3.9 million bales of 170 kg each, down from 4.8 million bales during the same period a year earlier, Mr. Mishra said.
The south Asian country is set to harvest a record 40 million bales in this crop year, but a sharp drop in prices is prompting farmers to hold back supply.
