Cotton prices drop in several markets
The Hindu
CCI has purchased 2 lakh bales of cotton at MSP since Oct 1, 2023 in 9 states. 47 lakh bales have arrived at the market compared to 35 lakh bales last year. CCI buys 8-10% of arrivals at MSP to prevent prices from falling below it. Farmers selling at less than MSP due to lack of international demand. Price of Gujarat Shankar-6 variety is ₹55,800/candy, down from ₹66,000/candy a year ago.
With the cotton prices remaining subdued due to lack of demand, the Cotton Corporation of India (CCI) has purchased nearly two lakh bales of cotton at Minimum Support Price since the beginning of the current cotton season (October 1, 2023 to September 30, 2024).
Lalit Kumar Gupta, Chairman and Managing Director of the CCI, said the organisation is buying cotton at MSP price in nine States. It is active in most of the growing States, except Gujarat and Odisha (The MSP for seed cotton is ₹6,620 a quintal for medium staple and for long staple cotton it is ₹7,020 a quintal).
The current daily arrivals are over 1.5 lakh bales. Since the beginning of the season, 47 lakh bales have arrived at the market compared with 35 lakh bales for the same period last year. “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 improve, he said.
A cotton farmer in Telangana, Jaipal, said, “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 said.
The price of Gujarat Shankar - 6 variety on Saturday was ₹55, 800 a candy (356 kg of ginned cotton) as against ₹66,000 a candy an year ago.
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