In a bid to trim its bulging stocks and to assure availability of raw material to the spinning mills at competitive rates, Cotton Corporation of India (CCI) modified its discounted scheme on Monday by rationalising the rates.
“To serve the twin objective of aiding farmers and also the spinning mills, we have rationalised rates,” stated PK Agarwal, Chairman and Controlling Director, CCI. The rationalisation has introduced CCI cotton rates closer to the market level.
“Our rates are now in parity with the market,” Agarwal advised BusinessLine. The great excellent cotton in the market is ranging concerning ₹35,000 and ₹36,000 for every candy. “Our excellent 29 mm cotton is priced at ₹36,two hundred-36,500,” Agarwal stated.
Beneath the new scheme, which will be in force till June finish, CCI has established the lower base price ranging from ₹35,600 to ₹37,500 a candy of 356 kg each and every. A discounted of ₹300 is being presented for minimum obtain of 500 bales for every day. Greater discounted of ₹1,two hundred is being presented for obtain of more than 2 lakh bales for every day.
Rates under the new scheme are nevertheless on the higher aspect by about ₹1,000 for every candy, stated Ramanuj Das Boob, a sourcing agent for mills. “Demand for CCI cotton may perhaps select up after arrivals slow down in the times forward,” Boob stated.
June fifteen, 2020
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