Global Cotton Commodity Prices Shot Up, March 2012 Delivery Rose
Global prices of the cotton commodity shot up after India, the second largest exporter of cotton, imposed ban on the commodity.
According to the officials, India imposed ban to ensure sufficient amount for the domestic industries as the exports surged to about 9.5 million bales (170 kilograms each) more than the surplus of 8.4 million bales estimated by the government.
While the government has issued registration certificates for another 2 million bales.
According to United States Department of Agriculture (USDA), India accounts for 17% of global exports in 2011-2012. China is the largest consumer of Indian cotton.
India is expected to produce around 34 million bales of cotton for 2011-12. and is expected to export around 70 million bales.
In Inter-Continental Exchange (ICE), cotton for march delivery gained 0.22 cents to 89.78cents per lb.
While, in India's National Commodity and Derivative Exchange (NCDEX), cotton for March delivery traded up 0.06% to Rs 810 per kg on 9th March at 16:20 IST.
Category: Cotton, cotton commodity, cotton prices 2012, global cotton prices, india cotton trading, march cotton delivery
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