Akot's Agricultural Produce Market Committee (APMC) has seen a sharp rise in cotton prices in the last phase of this season. Cotton prices in this mandi, considered one of the major cotton markets of Vidarbha, have increased to Rs 8,995 per quintal, which is the highest level in recent times.
In view of the continuously rising prices, it is now being estimated that cotton may soon cross the Rs 9,000 mark. There was uncertainty over prices at the beginning of the season, but the Cotton Corporation of India (CCI) started purchasing at Minimum Support Price (MSP) which stabilized the market.
After CCI stopped purchasing last month, it was feared that there could be a decline in the private market, but on the contrary, cotton is getting good prices. Increasing demand at global and domestic level is being considered as the main reason for this rise.
The arrival of cotton in Akot Mandi on Saturday was satisfactory. Increased competition among traders during the auction pushed prices to record highs.
According to experts, the boom phase of cotton has now started in the market. Many farmers had kept their stock in the hope of better prices, which is now slowly coming into the market. Buyers are active due to high demand for good quality cotton.
Looking at the current circumstances, it is estimated that the price of cotton may reach Rs 9,500 per quintal in the coming days, due to which farmers are expected to get good profits.
