India cotton traders cancel export deals in pivot to local market: association chief - News Summed Up

India cotton traders cancel export deals in pivot to local market: association chief


Indian traders have so far shipped 1.5 million bales of the 2.5 million bales contracted since 1 October, when the current year began. Photo: ReutersMumbai: Indian cotton traders have cancelled contracts to export some 400,000 bales of the fibre after a rally in domestic prices and the rising rupee made overseas sales unattractive, the president of the Cotton Association of India (CAI) told Reuters. After hurricanes raised doubts about the supplies from top exporter US late last year, Indian traders signed a flurry of contracts. Indian traders have so far shipped 1.5 million bales of the 2.5 million bales contracted since 1 October, when the current year began, dealers said. Last year India exported 5.8 million bales of cotton.


Source: Mint January 12, 2018 12:00 UTC


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