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16 Apr 2024, Edition - 3199, Tuesday

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No cause for panic as cotton position comfortable, says ICF

Covai Post Network


Coimbatore : Indian Cotton Federation (ICF) on Saturday advised textile mills not to panic, following certain reports stating that the country might have very tight closing stock during the current season.

ICF expressed hope of comfortable cotton position for the 2018-19, and appealed to trade to avoid speculating the cotton production and thereby increasing the domestic and international price taking advantage of increase in MSP in India and increase in the exchange rate.

The trade had for the last cotton season projected very tight closing stock, but in reality the industry had a comfortable position that had helped cotton price fall to Rs 46,500 from Rs 48,500 per candy during the end of the season, ICF president J Thulasidharan said.

Usually, Indian cotton price ruled higher than the international one during the end of the season, but only during 2017-18 was it lower.

During the current cotton season also, the Indian cotton price was ruling around 10 per cent lower giving leverage to the industry here, Thulasidharan said in a statement here.As the festival season has already commenced, the market would soon pick up and the industry was expected to perform better in the coming months.

Hailing the first-ever efforts being taken by Cotton Corporation of India in enforcing cotton quality parameters and ginning practices, he said this would create a level-playing field for ginners supplying good quality cotton.

A 26 to 28 per cent increase in the MSP for this season and favourable monsoon conditions have seen the area under cotton has been reported as 122.38 lakh hectares as against 122.53 lakh hectares reported during December 2017, he said. The area is expected to increase by a few more lakh hectares and the country would have higher acreage under cotton.

Favourable monsoon weather conditions and preventive action taken to control the pink boll worm and other pest attacks are expected to result in higher production and better quality of cotton.

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