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Rising cotton price to hit margins of textile cos
Rising cotton prices are set to hit profit margins of textile and apparel players due to their inability to pass on the high production cost on to consumers as seasonal demand is weak.
Uncertainty over cotton prices in 2017/18
The International Cotton Advisory Committee’s Secretariat has forecast that the A Index in 2017-18 will range between 54 cts/lb and 87 cts/lb with a midpoint of 69 cts/lb. The midpoint would be 13 cts/lb lower than in 2016/17. This follows the large increase of 12 cts/lb from 2015-16 to 2016-17, which suggests that such a drop is not unreasonable.
No cotton/yarn shortage, clarifies Centre
In order to ensure availability of cotton for domestic mills, the Indian Government had directed Cotton Corporation of India Ltd to sell its stock of cotton (cotton season 2015-16), purchased under MSP, to spinning mills in the micro small medium enterprise (MSME) category to contain fluctuation in cotton prices.
Govt increases raw jute MSP by 9.4%
The Cabinet Committee on Economic Affairs (CCEA), chaired by PM Narendra Modi, has given its approval for the increase in the minimum support price (MSP) for raw jute for 2017-18 season to protect the economic interests of the farmers.
Polyester intermediate prices rise
Polyester intermediate prices have continued rising in the very recent week,and are expected to further climb after Chinese holidays.
Brazilian cotton prices up 22.6% in 2016
Following a 35 per cent increase in cotton prices in 2015, Brazilian cotton prices continued to rise in 2016, in which they grew 22.6 per cent over 2015. Cotton prices were primarily driven by low cotton supply in the local market from an unexpected crop failure in the 2015-16 season, while firm demand also pushed up quotes in the last four months.
Mills SOS to Textiles Minister
As the cotton season (October 2015 to September 2016) comes to an end and cotton prices have shot up to nearly Rs 50,000 a candy, textile industry associations from different parts of the country met the Union Textile Minister Smriti Irani in New Delhi.
TN spinners cut down yarn output
With cotton prices rising to Rs 50,000 per candy in the end of the 2015-16 cotton season, many spinning mills in Tami Nadu have cut down on yarn production.
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