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High cotton prices hurting Pak textile industry
As per the Karachi Cotton Association, the price for whit lint is fixed at Rs 13,580 per maund while on the other hand, the seed cotton prices are between Rs 5,200 and Rs 6,200 per maund.
Strong demand and high price of cotton despite lockdown
Even after the disruptions caused due to the lockdown, cotton prices are trading at all-time highs. This is because the demand for cotton has been strong and the Indian mills are holding more than 100 days of inventory.
USDA: India’s cotton production to grow by 4%
The USDA has projected India’s cotton production for the upcoming season at 37.8 million bales. The Indian textile industry says a lot of it depends on the southwest monsoon.
What’s happening in India’s cotton & textile sectors
Textile sector is under stress in India. Recently, Mumbai-based Cotton Association of India (CAI) estimated that this year’s Indian crop (October 1, 2019-September 30, 2020) to be 33.55 million bales (170 kg each) as against its previous estimate of 33 million bales (170 kg each).
Cotton & MMF outlook-2020
World cotton production is projected to be lower than its consumption for the fourth year in row. This has marginally supported the cotton prices in CS19 despite the subdued demand.
ICA and CAI reinforce MOU
The International Cotton Association (ICA) and the Cotton Association of India (CAI) have renewed their memorandum of understanding (MOU) to reinforce the alliance and cooperation between the two associations.
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