Pune: Indian Cotton Federation said that Indian traders and mills had contracted imports of 7 lakh bales (one bale is 170 kg) in the five months since October 1, 2016, the start of the cotton year.
This is higher by 20% over the same period of the previous year. The total cotton imports for 2016-17 will not be less than the previous year. The Cotton prices was at record before the harvest of the new crop. It had fallen to Rs 38,000 candy as the new harvest hit the market and was Rs 39,000candy at the time of demonetisation. Currently, the cotton prices are at Rs 43,000candy and are expected to decline to Rs 41,000candy in the next month or two. All Gujarat Cotton Ginners Association said that the fall in cotton arrivals post demonetisation was so severe that we were afraid that production figures could go down to about 300 lakh bales.