Textile demand to determine price trajectory in cotton
Even as the demand for cotton from the textile mills remains subdued, traders say the surge in domestic cotton prices in the last two weeks will depend on the demand for textiles and apparels. The International Cotton Advisory Committee on March 1 said the recent surge in global cotton prices “can be attributed primarily to a wave of speculative buying on the futures market.” The real situation will unfold in the next few months when plantings intensify. Atul Ganatra, chairman of the Cotton Association of India, said the Intercontinental Exchange futures market went from 80 cents to 103 cents for a pound in recent days and reduced slightly on March 1. At current prices, Indian cotton is cheaper than international prices and hence, cotton exports are likely to cross 20 lakh bales this season, he said.
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