Traders stop purchase of cotton due to export ban
With cotton prices set to decline in the wake of the impending export ban, cotton merchants in Karnataka have stopped purchasing the huge arrivals in the market Hubli.
While the cotton farmers are worried over impending drop in prices, which is already receding, the traders are in confusion over the next course of action.
This led to traders in the major Hubli Market keeping away from buying cotton from farmers on Friday.
The stakeholders held a meeting Friday to appeal to the Union Government to withdraw such a ban as it works against the interest of farmers.
Sources said Karnataka is already facing a glut as most of the 37 million bales of cotton remains to be sold.