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Cotton farmers receive premium on MSP

26
Dec '09
Market sources indicate that, the cotton crop in the current season in Gujarat could be lower than anticipated, which has been attributed to deficient rainfall and which could be the main reason for the flare-up in prices in recent months.

Market sources indicate that arrivals in the current cotton season are lower than in the previous years and it is assumed that farmers may be hoarding the crop in anticipation of generating better returns in the future.

Currently raw cotton is commanding a premium to the MSP price, paid by the government agencies. They are receiving Rs 3,425 per quintal, much above the MSP of Rs 2,850 per quintal, paid by government agencies like CCI.

Prices of Shankar-6 variety of cotton which were ruling at around Rs 24,000 per bale at the beginning of the cotton season in November are now quoting at around Rs 27,000 per bale in the cotton markets of Gujarat.

China, which is the biggest producer of cotton in the world, has reported of a lower output. It is expected that in case the Chinese start purchasing in big quantities, it could lead the prices to even cross the Rs 30,000 per bale mark, in the near future.

Fibre2fashion News Desk - India


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