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New cotton prices to rise in Gujarat

According to traders and market experts, new cotton prices in Gujarat are likely to rise in the near future. The new cotton season in Gujarat opened with 20 per cent higher prices as compared to last year (2017-18). The main reasons for this are supposed to be the delay in arrival, good demand from mills and higher minimum support price (MSP). Prices for new cotton in the state range between Rs 46,200-46,500 per candy of 355 kg this year in mid-October as compared to Rs 38,500-39,000 per candy in the corresponding period last year.

For long staple variety, MSP has increased 26.16 per cent to Rs 5,450 per quintal, while for the medium staple, it has been hiked by 28 per cent to Rs 5,150 per quintal. Currently, daily arrival of new cotton has reached to about 55,000 bales (a bale of 170 kg) in India and about 10,000 bales in Gujarat. According to traders, arrivals of cotton are likely to touch 70,000 bales across India and 15,000 bales in Gujarat.