Cotton prices bloom on demand

Our Correspondent Erode | Updated on July 12, 2012 Published on July 12, 2012


Both Bt and non-Bt varieties of cotton increased heavily due to demand at the Bhoodapady Regulated Marketing Committee on Wednesday and Thursday.

“Due to heavy arrival of 3,850 quintals of cotton (11,000 bags) the auction was conducted for two days — Wednesday and Thursday. Due to quality and demand, heavy competition was seen among buyers from Coimbatore, Madurai, Puliampatty, Konganapuram, and other places.

Because of such demand, the price of Surabi increased to Rs 6,700 a quintal, against Rs 5,600 a quintal sold last week.”

Out of the 11,000 bags of turmeric that arrived for sale, 4,500 bags were sold on Wednesday and 6,500 bags on Thursday .

Mr Chenniappa Gounder of Sathyamangalam area said that only this year they managed to get a good price; last year, the price was too low. He said still the farmers have a huge stock with them and will bring more for next week’s auction.

On behalf of the buyers, Mr Arumugasamy of Madurai said they are ready to purchase cotton at such a price as they are in need of cotton for spinning. He said cotton has not arrived form North India due to heavy rains.

He said Bt cotton increased by Rs 200 a quintal, while the fine variety, Surabi, by Rs 1,100 a quintal this week.

Similarly in the auction held at Anthiyur Regulated marketing Committee, 3,850 quintals of cotton arrived and were sold for a high price. The MCU 5 and Surabi variety was sold at Rs 5,600-6,375 a quintal, while the Bt Cotton was sold at Rs 4,400-4,800 a quintal. Because of heavy arrival, the auction was conducted on Monday and Tuesday.

Spinners said the prices will increase again next week and the price will remain high for one month.

Published on July 12, 2012
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