India CCI Has Purchased 6 Million Packs Of New Cotton By MSP.
According to statistics from the India Cotton Corp (CCI), CCI has acquired over 6 million packages of new cotton (170 kg / pack) in MSP this year. Up to now, India's new cotton market has reached 60%, of which CCI's acquisition accounted for 28%. The Cotton Advisory Committee of India (CAB) has a production forecast of 36 million bales.
At present, CCI has 900 thousand packages of cotton in the previous year and 6 million bags of cotton this year. Half of this year's purchase comes from the state of te.
For the industry calling for CCI to sell stocks, CCI thinks cotton farmers should continue to sell in the spot market. If the price of CCI falls, the market price will also fall, which will bring losses to cotton growers. CCI said that the quality of CCI's stock cotton is good, sales are no problem, and CCI may also consider exporting cotton.
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