Nagpur: The opening on the higher side, the price of raw cotton continues to soar maybe the first time in the past decade with the Agricultural Product Marketing Committee (APMC) in the region more than Rs8,500 per quintal.
In the midst of the decomposed fortune, Rumors of Raw Cotton RS9,500 / Quintal in the Achalpur open market became viral in several social media groups on Saturday.
The exponent bill incurred by a ginner was also attached to the social media post.
Secretary of APMC Achalpur Pawan Kumar said complaints against Mongering rumors have been submitted to the Paratwada police.
“No auctions valued at Rp9,500 took place at Achalpur.
The auction starts a few days back and the highest level offered here is RS8,500 / Quintal.
The arrival is good, with around 10 to 15 quintals a day,” Kumar said.
The former APMC office carrier at Achalpur claimed the news about a higher level was being distributed intentionally to attract more cotton farmers.
“The current administration is recently taken over and is under pressure to ensure a higher level.
About 10 quintals are sold at high prices, which may also not be paid to farmers quoting quality problems later,” he said.
But the mood among farmers and other APMC members is optimistic.
The raw cotton level usually falls after the opening day, but this year’s high demand has ensured farmers get almost 30 to 40% more than the minimum support price of RS6.025 per quintal.
Tamaram Chambhare, Secretary of the Hingangphat APMC Yard, which is the main cotton center in Central India, said traditional prices fell after sales of opening days, but because of the demand for higher Bal, rates have risen this time.
About 40% less production is another factor for a surge in price and it is expected that the procurement season will be closed in three months.
GH WAIRALE, a former general manager, the Federation of Maharashtra cotton farmers, said domestic consumption has increased compared to product availability.
“Ideally, five collections were achieved in the cotton season starting September to August.
But this time, all cotton will be collected in two or three honey.
The pending rain withdrawal has affected the product,” he said.
Wairale explains there is no stock enough to export.
“The difference between international and domestic prices is not much.
Therefore, export estimation is also pegged low 40%.
Unless the good return is guaranteed, exports do not occur,” he said.
On November 2, the Indian Cotton Association (CAI) plant committee will meet to assess the lack of production.