Tuesday, 24 January 2017
India`s October-December Cotton Supplies Drop 15.9 pct y/y - Trade Body
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Cotton supplies in Indian spot markets fell 15.9 percent from a year earlier to 10.8 million bales between October and December as government's move to scrap high-value currency notes disrupted trading, a leading trade body said on Monday.
In November, Prime Minister Narendra Modi scrapped 500 rupee and 1,000 rupee bills to crackdown on tax dodgers and counterfeiters.
The world's biggest cotton producer is likely to harvest 34.1 million bales of cotton in the 2016/17 season, that started on Oct. 1, down 1.1 percent from an earlier estimate, the Cotton Association of India said in a statement. India had harvested 33.8 million bales in 2015/16.
(1 Indian bale = 170 kg)