Buzz (Agri): ICAC cuts cotton price forecast
Rajesh Desai
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ICAC cuts cotton price forecast
Picks of the day: Buy chana, CPO, Sell guar and wheat on rise
International Cotton Advisory Committee (ICAC) cuts its cotton price forecast by 7 cents per pound to 108 cents per pound on higher world cotton stock. The stock is likely to increase by 1.31MMT to 19.81MMT in expectation of good crop prospects during this year. Meanwhile, the estimated prices imply an upturn from current levels, at 91.10 cents a pound, in expectation of good demand from China. The cotton stocks in China is equivalent to a little more than two months of use, consisting 10.8MMT in government's hand and 1.6MMT in private hands...
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CA. Rajesh Desai