CCI Begins Cotton Procurement at Minimum Support Price in Five States
By 2024-11-14 12:06:05
CCI Starts Purchasing Cotton in Five States at the Minimum Support Price
The Cotton Corporation of India (CCI) has initiated the purchase of cotton at the Minimum Support Price (MSP) across five states due to lower market prices.
Lalit Kumar Gupta, Chairman and Managing Director of CCI, informed procurement of 2.25 lakh bales of cotton so far. He added that a clearer picture of the price trend and regions where prices might fall below the MSP is expected in two weeks.
Nishant Asher, Secretary of the Indian Cotton Federation, noted that daily cotton arrivals have increased to 1.3-1.4 lakh bales. “Currently, Indian cotton is about 5% more expensive than international prices. The demand and export of yarn remain sluggish, which is keeping cotton prices under pressure,” he explained.
The Federation reported that the price of the Shankar-6 variety stood at ₹54,500 per quintal of ginned cotton on Wednesday.
