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The Rapid Rise Of Local Cotton Prices In India Has Aroused Concerns From All Walks Of Life
In February, the Indian government announced a 10% import tax on cotton to help its farmers. Meanwhile, Texas suffered a severe drought last year, which seriously affected the capacity of the world's largest cotton producer.
Under the influence of these factors, the demand for locally produced cotton in India has increased significantly, leading to its price rising all the way. Inventories have fallen all the way.
Cotton stocks in CCI fell to 900000 bales in July, compared with 1.15 million bales in the same period last year.
In terms of price, within 15 days after July 1, the Cotton Corporation of India (CCI) has raised the price of 355 kg of cotton from INR 51000 to INR 54800.
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