News Tags

Related Keywords: CCI, cotton bales, cotton to be sold directly, direct state run Cotton Corporation of India, during this season, help maintain stable prices, ICF, Indian Cotton Federation, October to September, only to textile mills, procure hundred lakh bales, record bumper crop expected, throughout the year, urged the union government

The Indian Cotton Federation (ICF) has urged the union government to direct the state run Cotton Corporation of India (CCI) to procure 100 lakh bales ( a bales is 170 kgs) as a record bumper crop is expected during the 2017-18 season (October-September). ICF stated that this cotton should be sold directly only to textile mills, which would help maintain stable prices throughout the year.

Related Keywords: benchmark rates, bring transparency in the price discovery mechanism, CAB, CAI, cotlook index, cotton price index, cotton production, curb speculations across various markets, domestic and international, four different sources, futures, ICF, India plans to launch, MCX, spot, tracks delivered price of American cotton in China, trading platforms

India, in its attempts to curb speculations across various markets and trading platforms, and bring about further transparency in the price discovery mechanism is planning to launch a cotton price index of its own for which it will be taking into account benchmark rates from four different sources.

Related Keywords: anti-dumping duty, CITI, costs of converting raw material, ICF, Make in India, Nirmala Sitharaman, raw material costs, reduction of excise duty, removal of import duty, revive textile industry, SIMI, SISPA, Texprocil

The Southern India Mills’ Association (SIMA), Confederation of Indian Textile Industry (CITI), Cotton Textiles Export Promotion Council (TEXPROCIL), Indian Cotton Federation (ICF), South India Spinners Association (SISPA) and other stake holders has submitted a joint memorandum to Nirmala Sitharaman, Minister of State (Independent Charge) for Commerce & Industry urging for a cut in duties to revive the industry.

Related Keywords: cotton export, cotton prices, cotton production, dull deman, ICF, new cotton arrival, reduced imports from China, Shankar-6 variety, SIMA, staple cotton, zero forward deals

Almost zero forward deals with exporters seen this season as China reduced its imports from India, record-high acreage as well as cotton production, along with dull demand from mills has resulted in fall in cotton prices and it will be the lowest in last one year.

Cotton prices have fallen to the lowest levels in the current cotton year (October 2013-September 2014), at Rs 33,000-34,000 a candy (356 kg). Demand for cotton in terms of exports will also be low.