April 24, 2018
Coimbatore : A very tight financial situation in the spinning sector and comfortable availability of quality cotton, prices are likely to remain steady during June to October, according to Indian Cotton Federation (ICF) here.
A review of cotton crop situation for the current year till September carried out by ICF directors here suggested that monsoon would be a major deciding factor for cotton prices.
It was estimated to have a cotton closing stock of 44 lakh bales as on September 30. There was a total supply of 433 lakh bales as on October 1 last year, including opening stock of 40 lakh bales, production of 375 lakh bales and imports of 18 lakh bales, ICF president J.Thulasidharan said in a statement today .
With mill and non-mill consumption estimated at 320 lakh bales and export of 69 bales, the total demand was 389 lakh bales, leaving a closing stock of 44 lakh bales, he said.