Shankar-6 Cotton Price Down 15.45% From Same Time Last Year
The price of Gujarat grown Shankar-6 variety of cotton on October 25 was Rs 55,800 per candy of 356 kg each as compared to Rs 66,000 per candy a year ago, or down 15.45 percent.
Since cotton prices have remained subdued, the Cotton Corporation of India (CCI) has purchased nearly two lakh bales of 170 kg each at Minimum Support Price (MSP) since the beginning of the current cotton season.
Lalit Kumar Gupta, CMD at CCI, said the organisation is buying cotton at MSP price in nine states and is active in purchasing in most of the cotton growing states, except Gujarat and Odisha
“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,” The Hindu reported.
“We buy 8-10 percent of cotton arrivals at MSP and we will not permit the prices to fall below the MSP. When we buy at MSP, the prices are supported as our presence in the market matters,” Gupta added.
