Chandigarh, Oct 1 (PTI) Cotton prices in Punjab have
declined by Rs 100-150 per quintal on account of increased
arrival of the crop and low procurement by spinning mills.
"The cotton prices are presently ruling at Rs 2,750-2,850
per quintal from Rs 2,900-3,000 per quintal prevailing at the
start of arrival of the crop in the markets this season," said
Northern India Cotton Association President Rakesh Rathi.
With margins remaining under pressure, spinning mills are
not aggressive in the market in respect of procurement,
leading to fall in cotton prices.
"Mills are just going for replenishing their limited
stock to cater to meet their current requirements as the yarn
prices are not picking up, forcing them to go low on procuring
cotton," Rathi said.
However, the current prices of cotton are way ahead of
last year's prices, which stood at Rs 2,150-2,260 per quintal.
With harvesting of the crop in full swing, the total
arrival of the crop in Punjab markets has reached 60,000
bales, compared with 1.36 lakh bales arrived in the last
season, traders said.
Cotton production in Punjab is likely to remain around
21 lakh bales, compared with 23.55 lakh bales achieved in last
season because of 12 per cent decline in area under
cultivation observed this Kharif season.
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