India’s top cotton trader to stop sales to China

Kotak Commodity Services will look for new buyers in other countries to make up for China shortfall. FMTNews KotakCommodityServices Cotton

NEW DELHI: Kotak Commodity Services Pvt, one of India’s top cotton exporters, will stop selling new cargoes to China on concern the spread of coronavirus may force the top buyer of the fibre to close ports and banks.

Exporters were expecting to ship another 300,000 bales to China by the end of February, but that may not happen if the virus keeps spreading, Kotak said. Starbucks Corp has closed more than half of its coffee shops in mainland China, while Toyota Motor Corp is halting production in the country.For India’s cotton optimists, the virus in China isn’t a major concern.

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