Andhra Pradesh: Cotton price crosses Rs 11,000 per quintal
Daily arrivals reduced to 800 quintals, record jump in prices due to crop damage caused by rains
The price of cotton crossed rs 11,000 mark for the first time on Thursday in the nearly eight-decade-old Adoni Krishi Mandi premises. Cotton sold at Rs 11,219 per quintal in Adoni, the state's only cotton market. Cotton had been selling below Rs 7,000 in previous years. The previous high was Rs 6,500.
The price of cotton has been rising since the beginning of the current season, posting the highest December price of Rs 9,600 before crossing the Rs 10,000 level in January. B Srikanth Reddy, deputy director of the market, attributed the rise in cotton prices due to the rain on account of dwindling stocks in international markets, cultivation of cotton in low area and poor quality of produce in other markets.
Kurnool's cotton seeds and lints are of superior quality, attracting traders and exporters to the market here. The official said that during the three months since last November, on an average, 4,000 quintals of cotton was traded daily in the Adani market. Recently, the average daily arrival of the produce has come down below 800 quintals due to decrease in production.
"Cotton comes from different parts of southern states, and at least 300 traders are working with the produce," he said. The market yard has 10 average bids per stock, which is the highest average bid in the entire country. According to official records, cotton was cultivated in 7 lakh acres across the district this year.
The harvesting of the six-month crop began in December. Heavy rains destroyed the crop during the beginning of the sowing season, followed by less rainfall which also affected the farmers. Srikant Reddy said at least 40 ginning mills are operating around the market set up in 1943. Srikant Reddy said mill owners export cotton purchased after grading, separating seeds and lints.
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