Cotton Corporation of India raises ₹2,900 per candy on Monday
Business
Cotton just got a lot pricier in India, thanks to the Cotton Corporation of India (CCI) bumping up its rates by ₹2,900 per candy (356kg) on Monday.
That's a sharp more than 4% jump in one day, matching global trends as international cotton prices are also climbing.
Prices hit ₹65,600 2-year high
Prices have shot up from this season's low of ₹54,600 to about ₹65,600 per candy, the highest in two years.
The spike is fueled by strong demand from countries like China and Bangladesh, and ongoing supply chain issues.
CCI still has plenty of stock left, but is selling fast, while fabric makers are feeling the pinch with higher yarn costs and worker shortages slowing things down.