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Cotton Prices Steady To Firm In Central, South India

18 Feb 2020 1:50 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled steady to firm at major markets in Central and South India on Tuesday due to an increase in demand from mills at lower levels.

Arrivals today stood at 38,000 bales in Gujarat, 65,000 bales in Maharashtra, 12,500 bales in Madhya Pradesh, 35,000 bales in Andhra Pradesh & Telangana and 13,000 bales in Karnataka.

According to traders, demand from mills has improved after a decline in the price over the last few trading sessions. In fact, after the outbreak of coronavirus in China, there has been a halt in the supply of cheap clothes to the global market, the benefit of which Indian mills have started getting.

According to sources, domestic textile mills are getting good orders from the global market. Rating agency Ind-Ra has revised the outlook on India’s textile sector to negative from stable for 2020-21 as weak domestic demand growth, threat of cheap imports and dwindling incentives and exports are likely to keep volumes muted.

Meanwhile, rating agency Ind-Ra has revised the outlook on India’s textile sector to negative from stable for 2020-21 as weak domestic demand growth, threat of cheap imports and dwindling incentives and exports are likely to keep volumes muted. Ind-Ra expects withdrawal of incentives under the merchandise exports from India scheme (MEIS) to affect export players of made-ups (home textiles) and garments.

“Exporters are likely to remain uncompetitive against counterparts in Pakistan, Bangladesh, Turkey and Vietnam, due to further delays in the implementation of Rebate of State and Centre levy of Taxes. All these factors would lead to margin pressures for exporters in FY21,” India Ratings and Research (Ind-Ra) said.



       
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