MUMBAI (Commodity Online): On the back of higher exports and addition of 4 million spindles in the domestic mills, India’s cotton prices may move up in near term on shortage of availability of quality cotton for the industry.
Quality cotton produced in India is preferred for exports and it is said to create shortage of availability of quality cotton for the industry in near future if the power supplies improves in the major cotton yarn industry, Tamil Nadu.
Presently, due to poor power availability, the cotton demand is less.
According to Ramani, Secretary, Indian Cotton Federation (ICF), the every year , the cotton industry is adding 4 million spindles, which is raising the consumption of the industry.
India has already exported 94 lakh bales of cotton and with the end of the season, the country is expected to export around 125-135 lakh bales of cotton.
In National Commodity and Derivative Exchange (NCDEX), cotton for March delivery traded down 2.32% to Rs 777.5 per qtl on 13th March at 11:10 IST.