“All India kappas (raw cotton) arrivals have touched approximately 3 crore bales and CCI cotton procurement has crossed approximately 80 lakhs bales till now,” Indian Cotton Federation (ICF) in its report said.
The report said as per market reports, there may be a drop in the quantity of the Indian cotton crop below 4 crore bales which was predicted earlier. Untimely rains may be helpful to the standing crop as cotton quality may improve and the hailstorm in Madhya Pradesh and parts of Maharashtra has affected standing cotton crops.
The report also informed that CCI’s huge stock will have to tackle quality aspects due to storage and timely use.
In Punjab, Haryana and Rajasthan, kappas arrivals are almost coming to a close as there has been a drastic fall in daily kappas arrivals in this region.
In Gujarat, kappas arrivals are still maintaining between 30,000 and 40,000 bales per day and the price for good quality 28.5 mm cotton is Rs 31,800 spot per candy, while V-797 R/G is quoted at Rs 23,500 spot per candy.
Kappas arrivals in Madhya Pradesh have dropped drastically as the cotton season is nearing to an end, the report added.