Intense competition among over 15 bulk buyers was witnessed for the cotton that came up for sale at the Anthiyur and Bhoodapady regulated markets on Monday and WednesdayPrices increased by Re 1 a kg in Bhoodapady despite buyers quoting last week''s price.
At the Bhoodapady auction, the fine variety Surabi was quoted at Rs 39-43 a kg, whichis 80 paise higher than last week. Over 4,000 bags (100 kg each) of Surabi variety was sold in bulk.
The MCU-5 was sold at Rs 36 a kg and about 2,000 bags were sold in bulk.
The coarse variety of Bt Cotton sold at Rs 29-36 a kg, Re 1 higher than last week. Of the 8,000 bags that arrived 5,000 bags sold on Wednesday and 3,000 on Thursday.
At the Anthiyur auction, there was competitive bidding among the bulk buyers of Uthangarai and Perundurai.
Both the fine varieties of Surabi and MCU-5 sold at Rs 36-43.50 a kg, nearly the same as last week. Bt cotton sold at Rs 30-35 a kg, the same aslast week.
Mr M.S. Subburaman, Superintendent of the Anthiyur Regulated Market said: “We are expecting some minor rise during the next two sales, after that only coarse varieties will arrive. So the prices of all varieties will fall in the middle of August.”
Source: The Hindu Business Line, India (July 30th 2010)
