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CCI stops cotton procurement

  

CCI stopped cotton procurement from August 1 due to tapering of arrivals and pick-up in rainfall. The corporation’s daily market arrivals are in the range of around 25,000 bales. CCI’s current daily procurement is very nominal at around 1,000 bales in Maharastra and about 2,000 bales in Andhra. CCI may restart procurement from September, if required.

The State-run CCI, currently the biggest stockholder of cotton in the country, has sold about nine lakh bales over the past one month.

Alternatively, CCI is pushing for cotton exports to major consuming countries such as Bangladesh and Vietnam through the government channel. In June, CCI had heavily rationalised the sale price of cotton to bring them on par with the market and push sales. Over the past one month, CCI has sold nine lakh bales including 1.5 lakh bales from the 2018-19 season. Though the response from mills for its discount sale was not on expected lines, sales were still better than the previous month.

At present, CCI is holding a stock of 105 lakh bales, of which 98 lakh bales were procured from the current season and 7 lakh bales from 2018-19. In the current 2019-20 season, CCI has made a record procurement of 105 lakh bales and the purchases at minimum support price (MSP) were still going in parts of Maharashtra and Andhra Pradesh.

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