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New Delhi, Mar 3 (PTI) Global cotton prices have shot up nearly 14 per cent to 85.5 cents per pound (Rs 30,908 per candy) in February due to tight world supplies and recovery in demand, international cotton body ICAC said.
"Cotton prices increased sharply in February 2010," the International Cotton Advisory Committee (ICAC) statement said.
Global prices, which were ruling at 75.35 cents per pound (Rs 27,238 per candy) on February 1, have risen to 85.5 cents per pound (Rs 30,908 per candy) on February 26, it said.
One candy weighs 356 kg of cotton.
ICAC noted that a possible 15 per cent drop in global cotton stocks due to lower global output and rebound in demand are weighing on prices.
The ending stock of cotton is expected to be lower at 10.5 million tonnes (MT) in the current season compared to 12.
04 March, 2010 by admin