May 30, 2024

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CCI tweaks discount plan to price its cotton at market level

In a bid to trim its bulging stocks and to make certain availability of raw product to the spinning mills at aggressive price ranges, Cotton Company of India (CCI) modified its lower price scheme on Monday by rationalising the price ranges.

“To provide the twin objective of helping farmers and also the spinning mills, we have rationalised price ranges,” mentioned PK Agarwal, Chairman and Controlling Director, CCI. The rationalisation has brought CCI cotton price ranges nearer to the market amount.

“Our price ranges are now in parity with the market,” Agarwal explained to BusinessLine. The superior excellent cotton in the market is ranging concerning ₹35,000 and ₹36,000 for every sweet. “Our excellent 29 mm cotton is priced at ₹36,200-36,500,” Agarwal mentioned.

Underneath the new scheme, which will be in drive until June close, CCI has set the lessen base price ranging from ₹35,600 to ₹37,500 a sweet of 356 kg just about every. A lower price of ₹300 is being presented for bare minimum order of 500 bales for every working day. Larger lower price of ₹1,200 is being presented for order of about 2 lakh bales for every working day.

Costs underneath the new scheme are still on the better side by about ₹1,000 for every sweet, mentioned Ramanuj Das Boob, a sourcing agent for mills. “Demand for CCI cotton may select up after arrivals slow down in the days forward,” Boob mentioned.

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