Global speculators spectates cotton market through NY & MCX (INDIA) to skyrocket cotton prices to nearly 80% rise during last 3 months
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06 January 2021, Mumbai:
With reference to the above, kindly note that Shri Piyush Goyal Ji, Union Minister of Textile and Railways has called a meeting of all stakeholders on 18, November 2021 to discuss the issues of Textile Industry currently facing regarding space rocketing price hike in cotton despite unprecedented best cotton crop, a damage-free crop not only in India but in the entire world.
No shortage.
This is happening mainly due to MNC hoarders and Indian speculators who indulge in unchecked speculation activities to make money at the cost of the entire textile industry in India.
Export of Cotton is almost on halt for last four weeks. Export of Cotton Yarn is almost on halt for three weeks. Export of Garments is also about to halt due to high prices.
Prices of all other accessories are also increasing on daily basis. The arrival of new viruses namely Omicron and COVID waves have also seriously affected domestic sales and exports.
The government of India has recently curbed hedging in MCX for seven agriculture commodities.
This is good. BUT WHY GOVERNMENT COULD NOT INCLUDE COTTON ALSO FOR BAN ON HEDGING AND TRADING IN MCX & NYCE TO STOP SPECULATORS FROM SPECULATING COTTON PRICES?
Due to MCX speculating trading and NYCE speculative trading, Cotton is flaring up uncontrolled and has touched 80% rise in last three months and still continues to rise.
Nowhere else in the world this has been happening. The government needs to take immediate action otherwise Power loom Sector, Hosiery Sector, and Apparel Industry is about to come to a grinding halt.
Immediate action is requested to stop hedging and trading of Kapas and cotton by speculators on MCX and NYCE. The entire Textile Chain in India will be obliged to Modi Ji.
SOURCE: Dr. Rikhab C. Jain, Chairman-T T Limited
(The news article has not been edited by DFU Publications staff)
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