In a bid to trim its bulging stocks and to ensure availability of raw material to the spinning mills at aggressive rates, Cotton Company of India (CCI) modified its price cut scheme on Monday by rationalising the rates.
“To serve the twin goal of aiding farmers and also the spinning mills, we have rationalised rates,” explained PK Agarwal, Chairman and Controlling Director, CCI. The rationalisation has brought CCI cotton rates closer to the market place level.
“Our rates are now in parity with the market place,” Agarwal advised BusinessLine. The superior high-quality cotton in the market place is ranging among ₹35,000 and ₹36,000 per candy. “Our high-quality 29 mm cotton is priced at ₹36,two hundred-36,five hundred,” Agarwal explained.
Below the new scheme, which will be in drive until June stop, CCI has set the lessen base price ranging from ₹35,600 to ₹37,five hundred a candy of 356 kg just about every. A price cut of ₹300 is staying made available for least acquire of five hundred bales per working day. Higher price cut of ₹1,two hundred is staying made available for acquire of above 2 lakh bales per working day.
Rates below the new scheme are nevertheless on the better side by about ₹1,000 per candy, explained Ramanuj Das Boob, a sourcing agent for mills. “Demand for CCI cotton could choose up the moment arrivals gradual down in the days ahead,” Boob explained.
June 15, 2020
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