Cotton turns white gold as demand ups rates to nearly Rs 12,000
Cotton farmers in Yavatmal are overjoyed due to the ever-growing escalation in the price which is really white gold for those who cultivated the crop this year. The current market price of cotton per quintal touched Rs 11,800 on Saturday which is historic. It is for the first time that cotton has been sold at such a high price.
In the past, the price was below Rs 7,000 per quintal. The price of cotton in December last year was Rs 6,000. However, due to the global demand , the price started moving upward.
Major cotton-producing countries like China and USA experienced less production after which the textile industries started buying cotton from India. The price of cotton has increased by Rs1,500 per quintal in the last fortnight.
Now, private traders have started knocking at the farmers’ doors in search of cotton and according to sources, they are offering Rs 11,000 per quintal on the spot.
The price will further go upward and those who stored cotton would definitely gain. Even cotton bales are getting a good price (Rs 90,000, earlier Rs 70,000).
Cotton seeds are now sold at Rs 4,800, the earlier price was Rs 4,200 per quintal. “It’s an unprecedented rate and those who have cotton at their disposal are going to get the rewards,” said farmer Avinash Deshmukh.
According to Deshmukh, needy farmers take loans from private money lenders for which they mortgage the cotton crop. Insurance companies are also set to gain as cotton growers won’t claim losses. Experts are expecting the price to go up to between Rs 13,000-15,000 per quintal this year.
Regards
Team Sis
Any query plz call 9111677775
https://wa.me/919111677775
