Cotton prices exceed MSP
COTTON prices are currently ruling at Rs 2,450 per quintal (compared to the minimum support price of Rs 1,960 per quintal announced by the government) across the 28 cotton mandis in Punjab whereas cotton seed is being sold at Rs 1,250 per quintal. Arrivals have picked up in the districts of Abohar, Bathinda, Mansa and Muktsar in Punjab and Sirsa, Ellenabad, Fatehabad in Haryana. As on date, 17,000 bales (85,000 quintal of raw cotton) arrived across Punjab, Haryana and Northern Rajasthan (comprising Sriganganagar and Hanumangarh and Bikaner districts). Since 15th-20th Sep, there has been an increase in the arrival of cotton to 4,400 bales a day in the mandis of Punjab and 300 bales a day in Haryana mandis whereas till now in Rajasthan it is 50-60 bales. Abohar mandi, where today arrival was 1,000 quintal of cotton, saw prices going by Rs 2,270 per quintal to Rs 2,450 per quintal. Pradeep Sharda of Gheru Lal Bal Chand Firm, commission agent for various textile mills in the mandi, said with inclement weather (rain lashing the region) when ball opening was taking place the price were going to be firm for the initial period. “In the past few days Nahar, Malwa Mills, Abhishek, Gini filaments and mills from Samana and Ludhiana with less stock are currently buying though others are waiting for prices to come down. When 15,000 to 20,000 bales arrival begin every day by Sep end in the region then prices will naturally come down,” added Mr Sharda. Cottonseed prices have come down by Rs 50 and the rates were currently at 1,225 from Rs 1,275 per quintal as on Saturday in Bathinda mandi . According to Sukhdev Singh Chahal, commission agent of Gurtej Singh Sukhdev Singh firm in Bathinda mandi ,”The buyers like Bathinda Chemical, Amritsar Oil Mill and other units in Khanna and Ludhiana are currently waiting for the rates to come down.” As per the Agriculture Department, Punjab farmers have spent an additional Rs 2,000 per acre (for sprays) to control the mealy bug, whitefly and tobacco caterpillar this year.