86 100
Fashion Jobs
RALPH LAUREN
Associate Manager
Permanent · HERSHEY
A & F
Abercrombie & Fitch - Assistant Manager, International Market Place
Permanent · HONOLULU
A & F
Hollister CO. - Brand Representative, Galleria at Tyler
Permanent · RIVERSIDE
FOOT LOCKER
Director of Safety (Supply Chain)
Permanent · CAMP HILL
LEE
PT Keyholder, Estero, FL
Permanent · ESTERO
URBN
Free People: Merchandise Planning Manager
Permanent · PHILADELPHIA
URBN
Free People: Senior Merchandise Planner
Permanent · PHILADELPHIA
KOHLS
Operations Supervisor - Weekend Overnights
Permanent · EDGEWOOD
KOHLS
Full-Time Loss Prevention Officer
Permanent · SOUTH BURLINGTON
ADIDAS
Key Account Manager: Athletic Footwear
Permanent · PITTSBURGH
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · GOSHEN
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · NAPLES
KOHLS
Shift Leader/Operations Manager - Weekend Night Shift
Permanent · PATASKALA
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader (Part-Time) - us
Permanent · POOLER
AMERICAN EAGLE OUTFITTERS
ae - Merchandise Leader (Part-Time) - us
Permanent · MURFREESBORO
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader - us
Permanent · KAPOLEI
NAVY EXCHANGE
Buyer (Level i) - Beauty Care
Permanent · VIRGINIA BEACH
NAVY EXCHANGE
Buyer (Level i) - Pet
Permanent · VIRGINIA BEACH
GAP INC.
Asset Protection Service Representative - Harlem Usa
Permanent · NEW YORK
GAP INC.
Asset Protection Coordinator - Mount Vernon Plaza
Permanent · ALEXANDRIA
BANANA REPUBLIC
Associate Art Director, Photo Studio
Permanent · SAN FRANCISCO
ECCO
Third Keyholder
Permanent · SAN FRANCISCO
By
Reuters
Published
May 9, 2013
Reading time
2 minutes
Download
Download the article
Print
Text size

India starts selling cotton from inventories

By
Reuters
Published
May 9, 2013

MUMBAI - India has started selling cotton from government-controlled stocks as it tries to protect domestic textile mills from costly imports, but traders said sales have so far been limited because prices have been high.

Indian farmers' cooperative NAFED started selling cotton from its inventory into the domestic market from Wednesday, a statement on its website showed. India's other big cotton stockholder, Cotton Corporation of India (CCI), has so far conducted two auctions for about 45,000 bales, traders said.

India and China, the world's top producers and consumers of cotton, are both selling stocks in an effort to bring down domestic costs. Their sales could add further pressure to global prices after spot levels fell 4 percent in April.

"We have started selling cotton from today, and this will happen on a daily basis. We have displayed the sale quote, taking CCI's price as the benchmark price," said a government source who did not wish to be identified because he is not authorised to talk to the media.

The source said no decision had been taken on the quantity to be released on a daily basis but that a total of 340,000 bales would be offloaded in a staggered manner by NAFED.

The Indian government, through CCI and NAFED, has bought 2.5-3.0 million bales of cotton in the current crop year to September 2013. Total production is around 34 million bales.

COMPETITIVE PRICES?

CCI has started selling cotton through electronic auctions, its website showed, with an invitation for buyers to register. Traders said the corporation has put 45,000 bales up for sale in two e-auctions, out of which just 3,000 bales have been sold.

"Response at the auction was not great because CCI wants to sell cotton above the market price. To offload stocks they should have competitive prices," said Prerana Desai, vice-president of research at brokers Kotak Commodities.

On Wednesday the benchmark domestic spot Shankar-6 variety ended steady at 37,000 rupees per candy of 356 kg each (about 86.8 cents per lb), data from the Cotton Association of India showed. Prices have fallen about 4 percent since end-March.

The most active July cotton on ICE Futures U.S. was broadly flat at 87.16 cents per lb at 1353 GMT.

The CCI is going to conduct its third auction next week for between 20,000 and 25,000 bales, traders said.

Desai said the CCI might lower prices in forthcoming auctions to attract buying.

© Thomson Reuters 2024 All rights reserved.