The Cotton Corporation of India (CCI) on Monday slashed the selling price of cotton as a “one-time correction”.
CCI CMD Pradeep Kumar Aggarwal said that international cotton prices had risen by about 12% in the last two months and decreased at the same rate. “CCI did not raise prices to that extent. Since CCI prices increased by only 2%, it has reduced prices [about] 2%, ”he said. The amount of price reduction varies according to the variety of cotton.
He said that this nominal improvement will give an impetus to the textile industry as those who want to buy cotton can do so now.
Apparel Export Promotion Council Chairman A. Sakthivel said that the prices of cotton yarn have increased drastically in the last 4 months. The move by the CCI was important for the textile value chain, particularly apparel exporters, he said, urging textile mills to reduce yarn prices by 20 kg as cotton prices fell.
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