MSP hike has taken place across commodities, says experts
Dhiren Sheth, director, CA Galiakotwal said the hike of minimum support price (MSP) has taken place across commodities.
Dhiren Sheth, director, CA Galiakotwal said the hike of minimum support price (MSP) has taken place across commodities.
"It is commodity neutral. Cotton has got a substantial hike but some other products have also got a big hike and in fact a bigger hike than cotton. So I don’t think the MSP alone will motivate farmers to sow more,” Sheth said.
“MSP is going to lead to the jump in prices. India plays a substantial role in the world market and it is going to impact world prices also. So that itself will be a bullish thing,” he added.
Kunal Shah, Nirmal Bang Commodities said that prices are already shot up but there are no reasons right now prevailing in the market for me to say that now we are going to see a meaningful correction of profit taking.
"I don’t see a scenario where in an absence of negative trigger right now, there is still upside left and I think that cotton prices can still go up by another Rs 300-400 on MCX. Beyond that I would recommend to do the profit taking. We have seen a substantial rally in this commodity and I am still bullish that there is still a bit more steam left for the bulls,” said Shah.
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