Spinning mills will reduce production as cotton prices skyrocket
- Antenna: Vivek Mehta - Demand for cotton yarn and fabrics and garments breaks in international market after cotton prices rise Cotton prices have skyrocketed in the international market. Foreign speculators and companies are booming in the Indian cotton and textile market through the MCX exchange. Arun Dalal of Cotton Market says Life has never seen such high cotton prices. The price of cotton has gone up to a level never reached in the history of 5-30 years. The start of the Rooney season was priced between Rs 2,000 and Rs 50,000. Today, Rs. 2000 to 30,000. The price of cotton candy (5 kg) is Rs. 3000 quotes are being done. Price quotes are believed to be sitting on cotton stocks. Speculators want the price of cotton to be Rs. 1 lakh. New York futures have reached 181 cents. Prices have risen due to speculation rather than demand. International hedging funds have speculated. So prices have skyrocketed. The cotton crop is low, but not so low that prices go up. Therefore, the texti