Global Cotton Rally, Delayed Monsoon Lift India Cotton Prices
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Cotton prices have moved higher in recent days, driven by gains in international futures and concerns over delayed monsoon progress in Central India, industry stakeholders said.
The Cotton Corporation of India (CCI) has cumulatively raised its quoted prices by about ₹1,100 per candy (356 kg) over the past few days.
According to the latest Agriculture Ministry data, cotton sowing stood at 17.13 lakh hectares (lh) as of June 19, compared with 22.82 lakh hectares during the same period last year, reflecting a decline of about 25 per cent as delayed monsoon conditions slowed planting activity.
Atul Ganatra, Chairman of the Crop Committee at the Cotton Association of India (CAI), attributed the increase in cotton prices primarily to the firming trend in international futures.
“ICE December futures have risen from 75 cents a pound to 80 cents a pound,” he said.
ICE Futures and Vidarbha Sowing
ICE July futures were trading at around 76.05 US cents a pound, while December futures were quoted at approximately 79.67 cents.
“Delayed monsoon arrival is the main reason for prices firming up,” said Arun Khetan, a broker in Akola.
In Vidarbha, one of India's key cotton-growing regions, sowing is yet to begin in most areas, although a few farmers with access to drip irrigation have started planting.
“Cotton sowing can continue until July 15 in the region. Overall, we expect acreage to increase by about 10 per cent this year,” Khetan said.
CCI Sees Higher Demand
Ramanuj Das Boob, a sourcing agent in Raichur, said higher ICE futures, combined with uncertainty surrounding the progress of the monsoon and its effect on sowing, have supported cotton prices.
However, he noted that the increase in cotton prices has not been matched by a corresponding rise in yarn prices.
The Cotton Corporation of India (CCI) has also recorded strong demand for its cotton stocks in recent days, with approximately 7 lakh bales sold during the past week, Boob said.
According to him, multinational companies were offering prices of around ₹1,000 per candy above CCI rates, while resellers were quoting premiums of ₹300-500 per candy.
CCI cotton prices are currently in the range of ₹62,500-63,200 per candy.
Anand Popat of CotYarn Tradelink LLP estimated total cotton stocks at about 182.5 lakh bales (170 kg each). These include 94 lakh bales with spinning mills, 25.5 lakh bales held by CCI, and 63 lakh bales stored in MCX warehouses, ginners and traders.