Cotton Corporation's fibre procurement jumps eight-fold this year

Procures 1.2 million bales this year, up from 150,000 bales a year ago as cotton prices witness sharp volatility

With higher price volatility, government-owned Cotton Corporation of India (CCI) recorded an eight fold increase in fibre procurement this financial year.

In 2016-17, it procured 150,000 bales (of 170 kg each). In 2017-18 (ending this Friday), it procured a total of 1.2 mn bales of the natural fibre, under both minimum support price (MSP) and commercial operations. A third of the total was MSP buying.

“MSP operations were for a limited period. The harvesting season begins with above-MSP price; this sharply fell during the peak arrival season in November/December. When prices fell below the MSP, we entered the market and procured around