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Cotton prices likely to rise

Indian cotton prices, which have remained range bound for one-and-a-half months, are expected to increase by about 3 per cent once the cotton-based yarn, fabric and textile industry, thrown out of gear post-GST, resumes work in full swing in a couple of weeks. “Cotton selling declined by about 30-40 per cent after the new tax code came into force. We hope revival in demand after the cotton-based industry comes back to normalcy,” said a Maharashtra-based ginner, who did not want to be identified. ..

Current cotton prices are ruling at about Rs 43,500 per candy and are expected to rise by aboutRs 1,000/candy to Rs 1,500/candy, up by about 2.5-3.5 per cent, after the trade adjusts to GST and demand streamlines. The goods and services tax (GST) has taxed fabric, which was never taxed before, at 5 per cent. Opposing this tax, cloth traders from Surat, the main hub of synthetic cloth business in the country, have gone on strike. As a result, cotton demand from the entire value chain has declined ..

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Categories:Gada, cotton,fabric

Tags: Eid, man, Women

“Mills had reduced cotton buying right from June waiting to get benefits under GST once it came into force,” said the ginner. With limited carry forward stocks of the previous year, cotton users say that the industry has been in dire straits. With cotton sowing during the ongoing kharif season expected to rise by about 20-25 per cent, industry expects comfortable cotton stocks for 2016-17.

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