Our Correspondent Erode, Aug 22
Cotton prices increased at Erode’s Bhoodapady Regulated Market Committee sales following poor arrivals. Arrivals were only 58.3 tonnes on Wednesday evening, resulting in Surabi and Bt cotton prices rising. The low arrival is due to lower production resulting from lower acreage, according to the market officials.
Buyers have pressed the panic button, picking up all that is being offered. However, farmers are a bit unhappy as they feel they should get a little more. Buyers from Annur, Mettupalayam, Tirupur, Coimbatore and from other southern districts said that they are in need of huge stocks but the availability was a problem.
Arrivals could drop further next week as farmers have exhausted their stocks. The RMC officials said next week. Spinners said that they have huge orders from various textile units but are unable to meet the huge yarn orders. At the sale, Surabi cotton sold at Rs 6,050-6,390 a quintal, Bt cotton at Rs 5,400-6,150. A similar rise in prices was seen at Anthiyur and Sathyamangalam sales due to limited arrivals. (Source: The Hindu Businessline)