The Cotton Corporation of India (CCI) is buying cotton at minimum support price (MSP) in five States as the market prices are low.
Lalit Kumar Gupta, the Chairman and Managing Director of the CCI, told The Hindu that it had started the MSP operations for the current season (October to September) and procured 2.25 lakh bales of cotton so far. A clear picture on the price trend and areas where the prices would be less than the MSP would be known in two weeks.
Nishant Asher, secretary of the Indian Cotton Federation, said cotton arrivals had picked up to 1.3-1.4 lakh bales a day. “Indian cotton is still expensive by about 5 % compared with the international prices. The demand and export of yarn remains subdued and hence cotton prices remained weak,” he said.
According to the Federation, the price of Shankar-6 variety of cotton on Wednesday was ₹54,500 a quintal of ginned cotton.
Published – November 13, 2024 10:21 pm IST
