CCI in the firing line for volatility in cotton prices
09 Feb '07
1 min read
Cotton market was in a state of upheaval for past four days as prices which were steady till recently rose Rs500 per candy during the period.
Market sources say that, volatility in cotton prices has been due to intervention by Cotton Corporation of India (CCI).
Prices of Shankar variety were increased to Rs18,600-18,900 per candy which were ruling at Rs18,300 per candy and cotton prices were raised to Rs460-470 per quintal from earlier market prices of Rs430-440 per quintal, by CCI recently.
Market sources were of the opinion that in face of lack of significant movement in international markets price increase by CCI was not justified.
They believed that price increase without any firm basis caused increase of Rs500 per candy which was followed by a steep correction.
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