Surabi and Bt cotton prices surged on arrival of quality produce and heavy purchase by spinning mills.
Over 3,500 quintals (10,000 bags) of cotton arrived for sale on Wednesday at the Bhoodapady Regulated Marketing Committee. The sale continued till Thursday afternoon. The Surabi variety fetched Rs 6,800-7,400 a quintal – Rs 700 more than last week’s price. Some 210 quintals of Surabi were sold.
Bt cotton prices increased by Rs 400 a quintal. The variety was sold at Rs 4,000-4,700.
An oil extracting unit owner said: “We have purchased huge stocks of seeds for oil extraction and also for supplying to farmers.
Some spinners those who attended the auction for the first time said: “We were happy as the quality of cotton is good here. We purchased heavily. We can spin good yarn and also sell the seeds at a premium.”
A regular buyer, Mr Arumugasamy, said he normally purchases Bt variety, but this time he had purchased Surabi variety.
The Supervisor of the marketing committee said that more bags may arrive next week when the prices may go up, as the demand is high.
In North India, due to rain and inclement weather, cotton put up for sale is of inferior quality.
The cotton grower farmers said that they were double happy as they are getting increased price for cotton and also getting thepayment immediately.
At the Antiyur Regulated Marketing Committee, its Superintendent Mr Subburaman said, “For the past few days, good quality cotton especially surabi cotton and seeds are gaining heavily.”
He said on Monday 3,854 quintal (10,720 bags) arrived for sale, fetched increased price. The surabi variety was sold at Rs 5,700- 6,500, while the Bt cotton was sold at Rs 4,700-5,000.
Keywords: Cotton rates