Textile prices likely steady for now, but global cotton risk lingers
New Delhi, July 22 -- The below-normal rainfall associated with El Nino may be good news for the cotton sector, as officials and industry executives expect farmers in key rain-fed states to shift from water-intensive crops to cotton, helping bridge the current sowing gap.
A normal cotton crop would ensure adequate raw material for textile manufacturers and reduce the scope for any increase in textile prices stemming from costlier imported cotton amid ongoing geopolitical tensions.
This comes against the backdrop of cotton acreage trailing last year's level. Cotton has been sown over 92.53 lakh hectares as of 17 July, down 5.96% from 98.39 lakh hectares in the corresponding period last year, according to the agriculture ministry's latest...
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