Last Updated :
04 February 2011 at 16:10 IST
Cotton surges to the highest in 150 years
NEW YORK (Commodity Online) : Cotton registered the highest in 150 years on Thursday with March delivery contract jumping 2.4% to touch $1.8122 a pound in New York.
Analysts attribute the rise to panic buying by mills, as floods in areas of Australia, Pakistan and China have made a dent on output.
Chinese demand is another factor that is pushing the prices up.
However, prices may ease as the National Cotton Council of America may issue the results of its survey on planting plans on Friday that is expected to announce a surge in cotton crop area.
Cotton prices surged 30% since January that prompted ICE to impose limits on speculative positions in futures contracts to the tune of 30,000 bales of cotton.
MCX CHANADEL 01 January 2020
contract was trading at
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