MUMBAI (Topmcxtips.com) – Cotton arrivals from the new crop in the country has decreased 19% so far in the current season that began of October 1, according to Cotton Corporation of India (CCI) statement.
Cotton prices in the country have declined sharply and currently trading near or below minimum support price level in many centres across the country, which has discouraged farmers to bring their produce in spot markets.
Farmers have brought around 35.65 lakh bales (170kg each) as on November 23, down from 43.85 lakh bales during the same period last year, said Mishra.
Cotton supply in north India is pegged higher due to better price at 9.48 lakh bales from 7.64 lakh bales previous year.
Arrival of fiber was sharply lower in central India at 12.68 lakh bales compared to 23.78 lakh bales a year ago.
Farmers in south India have brought 13.31 lakh bales of cotton; up from 12.17 lakh bales same period last year.
Supply of cotton in other states was tad down at 18,000 bales from 26,000 bales in 2013-14.
India is likely to surpass China to become No.1 cotton producer in the world this year.
The country is likely to produce over 400 bales of cotton during current cotton year 2014-15 due to increased acreage.