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| Photo Credit: The Hindu
With the cotton prices remaining subdued as a result of lack of demand, the Cotton Corporation of India (CCI) has bought almost two lakh bales of cotton at Minimum Support Price because the starting of the present cotton season (October 1, 2023 to September 30, 2024).
Lalit Kumar Gupta, Chairman and Managing Director of the CCI, stated the organisation is shopping for cotton at MSP value in 9 States. It is lively in a lot of the rising States, besides Gujarat and Odisha (The MSP for seed cotton is ₹6,620 a quintal for medium staple and for lengthy staple cotton it’s ₹7,020 a quintal).
The present every day arrivals are over 1.5 lakh bales. Since the start of the season, 47 lakh bales have arrived on the market in contrast with 35 lakh bales for a similar interval final 12 months. “We buy 8 % – 10% of the arrivals at MSP. We will not permit the prices to fall below the MSP. When we buy at MSP, the price is stimulated. Our presence in the market matters.” There are uncertainties now and if the demand picks up, the market will enhance, he stated.
A cotton farmer in Telangana, Jaipal, stated, “For the last one year, there is no international demand for cotton. Farmers who want immediate cash are selling at less than MSP price too. Some are holding back cotton, and some others are selling to CCI at MSP,” he stated.
The value of Gujarat Shankar – 6 selection on Saturday was ₹55, 800 a sweet (356 kg of ginned cotton) as in opposition to ₹66,000 a sweet an 12 months in the past.
