New Delhi: with the cheaper imports from abroad, the white gold in the domestic market this year, or cotton, has not been shining as last year. The price of cotton in the international market has come down to 65 cents per pound in the first week of June, where 90 cents per pound was running.
As per the information received from the sources, cotton imports in India have increased in the world’s largest cotton producing country by falling cotton in foreign countries and there has been a decline in exports. The decline of cotton in the foreign market has also cooled the cotton sentiment in the Indian market. On the domestic futures market multi Commodity Exchange, the cotton June delivery contract on Friday fell 320 rupees, or 1.48 per cent, to Rs 21,280 per lump (170 kg) against the previous session.
The year of the same, the cotton sentiment on MCX on June 7 last year closed at Rs 22,710 per lump. On the International Futures Market Intercontinental Exchange (ICE), Cotton’s July delivery contract was trading at 65.72 cents per pound, with a 4.18 per cent drop on Friday. On June 7 last year, the cotton price on ice closed at 94.08 cents a pound.