• Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
Tuesday, January 31, 2023
No Result
View All Result
SUBSCRIBE
The Outlooker
27 °c
Delhi
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
No Result
View All Result
The Outlooker
No Result
View All Result
  • National
  • Politics
  • Opinion
  • Business
  • Science
  • World
  • Health
Home Business

Cotton arrivals rise on fears of fresh Covid-19 wave

by The Outlooker Web Desk
December 9, 2020
in Business
0
Cotton arrivals rise on fears of fresh Covid-19 wave
1.8k
SHARES
12.9k
VIEWS
Share on FacebookShare on Twitter

The Maharashtra State Cooperative Cotton Growers Federation has so far purchased some 6 lakh bales.

Fears of a fresh Covid wave have led to a rise in daily cotton arrivals to 2.5-3.00 lakh bales, with farmers wanting to sell their stocks on hand before another lockdown happens.

This has resulted in cotton prices testing levels of between Rs 5,300 and 5,850 per quintal, from Rs 6,000 in the last week of November. The drop in prices has led to a fresh surge in buying by the Cotton Corporation of India (CCI), which stands at 40 lakh bales till date, top officials of CCI said. In the latter part of November, the CCI purchased only 28 lakh bales since prices were near the MSP and farmers preferred selling to traders. The picture has changed in the last 10-12 days, with farmers fearing another wave of Covid as a result of which the pace of arrivals has almost doubled, PK Agrawal, CMD of CCI, said.

Last year, till November 30, daily arrivals of kapas were to the tune of 56 lakh bales, and this has gone up by 40% to 92 lakh bales, Atul Ganatra, president, Cotton Association of India, said. By the end of December, nearly 45-50% of the total crop would arrive in the market, causing pressure on prices, he felt.

The Centre has fixed an MSP of Rs 5,850 per quintal for raw cotton (kapas) this season (October 2020-September 2021). Due to CCI procurement, kapas prices almost touched Rs 6,000 per quintal on November 23 before started declining. “The CCI is purchasing at least 50% of arrivals in most markets. In some markets, it is purchasing more. In Telangana and Andhra Pradesh, the CCI purchase is around 70% of total arrivals, while is purchases are around 40% in Maharashtra,” Agrawal said.

The Maharashtra State Cooperative Cotton Growers Federation has so far purchased some 6 lakh bales.

In global markets, cotton prices ruled lower in the first week of December at 71.25 cent for March contracts. The demand from the US and Europe has gone down due to a rise in Covid cases and Indian prices are no longer the cheapest, Ganatra pointed out.

“Exports slowed down after prices increased from Rs 37,000 to Rs 41,500 a candy,” he said, adding that said spinning mills have slowed down purchases as they have 30-60 days of stocks with them. “India sells its cotton at 5-7 % discount to global prices. But since Indian prices are hardly 5-7% higher than global prices, there is no export parity.”. The CAI president said it would be difficult for Indian exporters to ship the targeted 60 lakh bales this season, against 50 lakh bales exported last season.

This will also result in the carryover stocks from this season being higher at nearly 100 lakh bales, compared with the estimated 87.50 lakh bales. Agrawal said the market sentiment is currently driving farmers to bring their produce to the market. Terming this as a temporary phenomenon, he said news regarding speeding up of the vaccine would again lead to prices firming up.

In its first advance estimate of commercial crops for the 2020-21 season (October-September), the agriculture ministry pegged cotton production at 371.18 lakh bales. The CAI has pegged production at 356 lakh bales.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

The Outlooker is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

The Outlooker Web Desk

The Outlooker Web Desk

Next Post
Marriage Between First Cousins Illegal, States Punjab and Haryana High Court

Court Denies Bail To 2 Former Executives Of Travel Firm Cox And Kings

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

UP Woman Beats Man In Park Over Dispute, Investigation Underway: Cops
National

Maharashtra Woman Beaten, Paraded With Garland Of Shoes For Questioning Husband’s Death

January 31, 2023
Padma Awardee Author Sudha Murty’s 4-Point Advice To Son-In-Law Rishi Sunak
National

Padma Awardee Author Sudha Murty’s 4-Point Advice To Son-In-Law Rishi Sunak

January 31, 2023
Nitish Kumar’s Sulking Aide Upendra Kushwaha Recalls A 1994 Challenge To Lalu Yadav
National

Nitish Kumar’s Sulking Aide Upendra Kushwaha Recalls A 1994 Challenge To Lalu Yadav

January 31, 2023
Virat Kohli, Anushka Sharma’s Spiritual Break In Rishikesh Ahead of Australia Test Series
National

Virat Kohli, Anushka Sharma’s Spiritual Break In Rishikesh Ahead of Australia Test Series

January 31, 2023

Connect with us

No Result
View All Result

Archives

  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020

Category

  • Artistic
  • Business
  • Crypto
  • Design
  • Entertainment
  • Fashion
  • featured
  • Food
  • Gaming
  • Health
  • Human
  • Lifestyle
  • Movie
  • Music
  • National
  • Opinion
  • Politics
  • Science
  • Spaces
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

Recent Posts

  • Maharashtra Woman Beaten, Paraded With Garland Of Shoes For Questioning Husband’s Death
  • Padma Awardee Author Sudha Murty’s 4-Point Advice To Son-In-Law Rishi Sunak
  • Nitish Kumar’s Sulking Aide Upendra Kushwaha Recalls A 1994 Challenge To Lalu Yadav

About Us

The Outlooker

The Outlooker is your source of authentic, hand-picked news, stories, analysis from India & the World.

  • Terms Of Service
  • Privacy Policy
  • About us
  • Submit your story
  • Contact

© 2019-2021 The Outlooker. All rights reserved.

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • National
  • Entertainment
  • Gaming
  • Movie
  • Music
  • Sports
  • Fashion
  • Lifestyle
  • Travel
  • Tech
  • Health
  • Food

© 2019-2021 The Outlooker. All rights reserved.