Cotton Price Up Due To Panic Buying

Cotton price increased by 1.49 per cent on Monday at the Multi Commodity Exchange as spinners rushed to buy lint cotton because of diminishing stock. At the MCX, cotton futures for April 2016 contract is trading at Rs. 17,010 per bales, up by 1.49 per cent, after opening at Rs. 16,830. It touched the intra-day high of Rs. 17,040.

India is the third largest producer of cotton and its derivatives in the world. Major producers are China, India, USA and Pakistan. India too imports around 22 lakhs bales of superior quality of foreign cotton which is around 12% of the domestic production.

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