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Cotton Corporation stocks drop down to 9 lakh bales

Financial Express - Business News, Stock Market News

Pradeep Kumar Agarwal, chairman and managing director of CCI, cotton stocks, Cotton Corporation of India, bales ofcotton left, textile industryIn the last one month, 40% of the cotton sold by CCI has been purchased by textile mills directly.

The Cotton Corporation of India (CCI) has said it has almost exhausted all its existing stocks and is now left with only 9 lakh bales before the start of the next season in October, due to the strong demand for cotton in the market.

Pradeep Kumar Agarwal, chairman and managing director of CCI, said the corporation had an opening stock of 115 lakh bales of cotton at the start of the season in October 2020 and had procured 92 lakh bales since then.

“International cotton prices and MCX prices have risen by Rs 7,500 and  Rs 6,000 a candy, respectively, in the last one-and-a-half months. But CCI has been conservative in increasing prices and has raised prices by Rs 2,200 to  Rs 2,500 a candy for the same period, except for one to two varieties, where it is higher,” he said.

In the last one month, 40% of the cotton sold by CCI has been purchased by textile mills directly.

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