COTTON PRICES IN INDIA – SPACE ROCKETING: Rikhab C. Jain Chairman, T T Group

27th October 2021, Mumbai:

No Demand for clothing, Cotton Textile Chain, No exports, yet speculators is trying to kill the Industry.

For last 3-4 months speculators are trying to skyrocket Cotton prices. CCI(Cotton Corporation of India) revises prices every morning by Rs.300/- per candy, Rs.500/- per candy, and Rs.1000/- per candy even if they do not have
stock.

Big money bags funded from external funds at zero interest and hedging in New York. MCX are artificially jacking up cotton prices.

For last 10 days or more, more than 1,30,000 cotton bales are arriving per day in India, more than the normal average during October month of any year.

There is no cotton crop failure in India or anywhere in the world. Cotton production crop has
been expected to be somewhat more than expected last year. End of the season carry-on cotton stock is much higher than ever before.

Clothing people, Exporters, Overseas Importers, Power loom people, co-opertive sectors, all are crying but nobody is listening.

Nobody knows who will check speculators. Remember on any day not very far, prices of cotton would crash and many people will fall into the deep sea and enter into huge losses.

Speculators are trying to make money at the cost of the whole Cotton Textile Chain and Industry. Concerned Authorities, Concerned Trade Authorities, and Concerned Chain Industry are required to take note and issue SOS for bringing the cotton market to normalcy.

Jain, therefore, unequivocally is appealing to industry colleagues to understand the situation & exhorting to examine the matter urgently and collectively raising a call on authorities and seek quick action.

Rikhab C. Jain Chairman, T T Group

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