Omicron VIRUS fears: Raw cotton prices crash on unexpectedly

02 December 2021,  Mumbai:

The chances of re-emergence of the Covid through the Omicron variant are said to be having a Global Impact. The slump in the prices of the cotton crop is also being seen as the direct impact of this The prices of raw cotton have witnessed a slump of up to Rs 2,000 per quintal in the last fortnight.

The prices that were being quoted up to Rs 9,400-9.500 per quintal are now have come down to Rs 7,500-7,700 per quintal The lower quality crop is being traded even at Rs 6200-6500 per quintal Apart from the slump in prices, the quality of the crop and yield too have come down due to pink bollworm attack on the crop.

The impact of the pink bollworm could be gauged from the fact that the arrival of the cotton crop in the mandis is less than half than the corresponding period in the previous year As against the arrival of 1996 lakh quintal till December 1 in 2020, this year the arrival till that date is only 9.20 lakh quintal in mandis across seven districts of Punjab.

The cotton is also more yellowish than pure white Cotton has been grown in 304 lakh hectares in Punjab.

The industry is fearing adverse impacts due to the spread of the new variant and prices of cotton have come down said cotton trading body Indian Cotton Association Limited (ICAL) president Mukul Dev Tayal.

TOI (The news article has not been edited by DFU Publications staff)

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