The Southem India Mills Association (SIMA) appealed its stakeholders to hold out as cotton prices likely to stabilise going forward

03 November 2021, Mumbai:

The Southem India Mills Association (SIMA) has exhorted its stakeholders to stay cautiously optimistic holding out to let the prices stabilise given the better than last year yield expected going forward. SIMPLICITY

Given the prevailing demand supply global trade dynamics the trade witnessed elevated cotton prices per candy to 2.67,000 in September 2021 from 2.55,000 per candy prevailing earlier and this unfundamental price hike has been hovering since the beginning of September, SIMA meeting was to meet this emerging panic situation only and urged/ advised trade buyers/ end users to keep a close tab on the evolving market situation & stay nuanced.

The possible unfolding of this crisis situation is a fallout of accelerated demands thrown open by pandemic as the global and domestic markets have started to offtake surprisingly robust quantities on sustainable basis notwithstanding the 10 percent import duty levied on cotton have only worsen the case and is led to the situation in India what we confronting today.

Although the supply constraints is expected to ease off with the start of the new season with around 100 lakh bales of opening stock and likely estimate 'CAI' has put out (around 360 lakh bales) is a reason enough to hold out and see in the coming weeks the cotton price stabilising.

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