By admin       2016-09-30

30 Sep '16 - South Indian textile mills, primarily those in Tamil Nadu are looking at the opportunity of international cotton traders storing imported cotton at the Colombo port in Sri Lanka, as against a Malaysia port currently. An Indian delegation is visiting Sri Lanka for this initiative, which will bring down the transportation cost as well as time. A leading daily quoted M. Senthil Kumar, chairman of Southern India Mills' Association (SIMA) as saying that the volume of imported cotton is expected to rise in the 2016-17 season, when compared with the current season. According to Senthil Kumar, SIMA will request international traders to use the Colombo port to store cotton, a location advantageous to supply to even other Asian countries. The Indian delegation will look for a warehouse, which will not charge detention charges, while offering demurrage-free storage. Cotton Association of India (CAI) has predicted that cotton production for 2016-17 season beginning October 1 would be 336 lakh bales of 170 kg each. This estimate is nearly similar to the 337.75 lakh bales produced in the ongoing season, as per CAI's July estimate.

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