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Cotton prices in India may remain on the downside this year on account of unsold stocks amid unstable demand, according to industry sources. The industry does not expect any significant turnaround on the demand side and if demand rises the unsold stocks are enough to meet it.
At present, cotton price is ruling at Rs 34,200-34,500 per candy of 355 kg and is likely to decline to Rs 33,000 in next month or two. Traders estimate total supply for the year to be 42.50 million bales considering carry forward from previous year, import this year's cotton output.
A recent estimate by the Cotton Association of India(CAI) pegs Indian cotton output for 2015-16 season at 34.1 million bales. The trade body also found that the supplies declined 12 per cent from a year ago to 28 million bales between October and March on unfavourable weather that dragged the production down.