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Guntur: Traders placate farmers with huge cotton purchase
Traders placate farmers with huge cotton purchase
Purchase cotton at their doorstep by offering attractive rate
Guntur: Cotton Corporation of India purchased 18,17,627 quintals of cotton at 30 cotton purchasing centres in Andhra Pradesh during this season and closed the cotton purchase centres.
According to official sources in the CCI, the CCI has paid Rs1,050 crore to the farmers for purchasing cotton. While the CCI has purchased the quality cotton at Rs5,850 per quintal,traders are purchasing the quality cotton at Rs6,400 per quintal at the doorsteps of the farmers. As a result, the farmers are selling to the private traders to avoid loading and unloading charges. Demand for quality cotton is increasing due to reduction of quality cotton supply in the market.
According to the official sources, cotton is cultivated in 6.5lakh acres in the district. The farmers will get on an average 20 quintals to 22 quintals per acre. Due to continuous rains and cyclones in September and October last year, cotton crop was damaged. As a result, the farmers got on an average 10 quintals to 12 quintals yield only. Quality of cotton was also very much less. Taking this into consideration, the traders are purchasing quality cotton at higher price which led to increase in demand for cotton.Spinning mills also purchasing cotton to make cotton yarn.
An official in the Agriculture Marketing department P Bhaskar Reddy said,"Demand for quality cotton expected to increase in the market. If cotton exports will pick up, the cotton price is likely to increase further because spinning mills are working two to three shifts per day and producing cotton yarn."
