The Cotton Corporation of India (CCI) is purchasing cotton in five states at the minimum support price (MSP) due to low market pricing.
The Chairman and Managing Director of the CCI, Lalit Kumar Gupta, stated that the MSP activities have begun for the current season (October to September) and that 2.25 lakh bales of cotton have been purchased thus far. Two weeks would provide a clear picture of the pricing trend and the regions where prices would fall short of the MSP.
Cotton arrivals have increased to 1.3-1.4 lakh bales per day, according to Nishant Asher, secretary of the Indian Cotton Federation. According to him, Indian cotton is still 5 per cent more expensive than cotton from other countries, and the low demand for yarn and the resulting low exports are the key reasons why cotton prices are still low.
The Federation reports that on Wednesday, 13th November 2024, the price of one quintal of ginned cotton of the Shankar-6 type was Rs. 54,500.
