Global cotton-yarn prices will rise after India, the world’s second-biggest grower, capped exports to bolster domestic supplies, the Confederation of Indian Textile Industry said.
“International prices for cotton yarn will shoot up since India is currently the largest supplier of cotton yarn in global markets,” the group’s chairman Shishir Jaipuria said in an e- mailed statement today. “The other major cotton-yarn exporting countries such as Pakistan, Turkey and Indonesia will be the major beneficiaries of this price increase.”
India’s Textiles Ministry said yesterday it will cap cotton yarn exports at 720,000 metric tons in the year from Oct. 1.
To contact the editor responsible for this story: James Poole at jpoole4@Bloomberg.net.