Price increase by CCI would lead to hoarding

Price increase by CCI would lead to hoarding
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First Published: Fri, Apr 06 2007. 01 52 PM IST
Updated: Fri, Apr 06 2007. 01 52 PM IST
PTI
Coimbatore: The South India Small Spinners Association (SISSPA) has accused the Cotton Corporation of India (CCI) of increasing cotton prices by Rs 1,000 per candy, which were higher than prevailing rates in the private trade.
In a statement, SISSPA president, R Kuppusamy said that CCI, which procures cotton from growers on lower rates, was hiking the prices for the last 10 days, which would encourage the private traders to increase their prices.
This would seriously affect and upset the planning of small spinners in purchasing raw materials, he said.
When cotton was easily available and with cheaper prices in the market, the frequent jacking up of prices by CCI, would lead to hoarding by middlemen and traders, to create an artificial shortage, to make some fast money, he alleged.
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First Published: Fri, Apr 06 2007. 01 52 PM IST
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