Cotton prices likely to remain steady during June-October

Cotton prices are likely to remain steady during June-October 2018 due to very tight financial situation prevailing in the spinning sector and comfortable availability of quality cotton, according to the Indian Cotton Federation here.

A review of cotton crop situation for the current year 2017-2018 (till September 2018), carried out by ICF directors here suggested that the monsoon would be a major deciding factor for cotton prices during the period.

There was total supply of 433 lakh bales as on October one last year, including opening stock of 40 lakh bales, production of 375 lakh bales and imports of 18 lakh bales, ICF president J Thulasidharan said in a release today.

With mill and non-mill consumption estimated at 320 lakh bales and export of 69 bales, the total demand was 389 lakh bales, leaving a closing stock of 44 lakh bales, he said.