We anticipate good orders position from the South Asian countries and China markets as the cotton corp there got damaged badly, cotton traders say.
The cotton traders are now competing in the market yard with a view to cornering the produce thereby increasing the price per quintal to over Rs 2,500 as against Rs 1,800 being quoted till last week, sources in the Guntur market said. Some of the best varieties are being quoted at over Rs 2,600 per quintal, sources added.
According to the market yard officials, the prices would further move upwardly once the export orders firmed up. We are anticipating further increase in the price in the next couple of weeks, market yard officials said.
The state produces cotton in the districts like Guntur, Nizamabad, Warangal, Adilabad and Prakasam. According to state agriculture officials, cotton production is expected to touch 30 lakh quintals in the current year. The season will end in the next two months.