In nearly one month, cotton prices in India have softened by about 10% to 12%, and the global prices on the International Cotton Futures, have dropped by about 25%. This has happened because of low off take and consumption by the Indian spinning mills, declining by about 30% to 35%. This may be due to mills preference for more man made fibres, say sources from the ginning industry.
Only in May 2022, a candy cotton (356 kg) cost Rs 1 lakh as against Rs 40,000 in October 2020.
Meanwhile, India’s ending cotton stocks are estimated to drop to a three-year low this season to September on buoyant global demand and Centre’s export promotion policies.Cotton production has also been estimated at a three-year low by the Committee on Cotton Production and Consumption (CCPC).
