Cotton stocks to be lower than estimation
The current cotton season is expected to end on September 30 with 39.27 lakh bales as closing stock. The Committee on Cotton Production and Consumption had estimated the closing stock at almost 41.27 lakh bales at its meeting held in May. After a meeting on Friday, the Committee said imports were expected to be 15 lakh bales, production 315.43 lakh bales and opening stock 71.84 lakh bales. With this, the total availability for the season was estimated at 402.27 lakh bales.
On the consumption side, textile mills (non SSI units) were likely to consume 285 lakh bales against 289 lakh bales the Committee estimated at its meeting in May. With weak demand for yarn, demand for cotton had reduced, industry sources said here. Consumption by SSI units were likely to be 20 lakh bales whereas 16 lakh bales were to be non textile consumption. Exports were estimated at 42 lakh bales, said the Committee. There are both supply and demand side constraints, said an official in the Ministry of Textiles.
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