Price pressures in the commodity markets continue, Cotton prices in mandis in Gujarat have touched a record high of Rs 10,000. The price at Rajkot APMC (largest in the state) is nearly double of what cotton retailed at in 2020.
Also watch| Firstsource Solutions acquires US based company American Recovery Services
The surge in prices traders say can be attributed to the low production due to heavy unseasonal rains in parts of the country. The high demand for the produce in the international market has also triggered the hike in the prices.
December-January marks the peak of cotton marketing season and supply is almost half as compared to normal years as per traders. Jamnagar APMC records arrivals of around 2,000 quintals daily of cotton but as per reports is hardly getting around 1,000 quintals these days.