Textile mills may seek 322 lakh bales
Cotton production during the current season (October 2021 to September 2022) is projected to reach 362.18 lakh bales, according to the provisional estimates of the Committee on Cotton Production and Consumption.
The committee decided at its meeting on Saturday that with opening stock of 73.20 lakh bales and import of 10.50 lakh bales, the total availability this season was likely to be 445.88 lakh bales as against 485.66 bales the previous season. The demand from textile mills, including small-scale units, is estimated at 322 lakh bales, and exports pegged at 45 lakh bales. Exports in the 2020-2021 season were almost 73 lakh bales.
Industry sources said last season’s consumption by textile mills were likely to have been lower than the estimate due to the impact of COVID-19. Hence, the opening stock for the current season may be higher.
Observing that the cotton position was expected to be comfortable this season, Southern India Mills’ Association Chairman Ravi Sam suggested that textile mills should wait for bulk arrivals to pick up and not rush into purchases now.
On Saturday, a candy of the Shankar-6 variety of cotton was priced at Rs.66,200.
