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6 March 2012 11:03, Updated: 03/06 11:57

India with immediate effect banned the export of cotton, the jumps were raised by 5% - Patria.cz
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6 March 2012 11:03, Updated: 03/06 11:57
India with immediate effect banned the export of cotton from the country. The reason they are concerned about a lack of supplies for domestic textile companies. India is the second largest pantaco producer and exporter of cotton in the world, so step could leave in peace the international market. World cotton prices have responded to the report of growth of 5%. Cotton crops in several states damaged by pests and diseases and harvest significantly decreased. Interest and exports due to high demand from China grows. India has already exported 8.5 million bales of cotton, while the government at the beginning of the year, which begins pantaco in October, has set an export quota of 8.4 million bales. One bale is 170 kg (375 pounds). Directorate General of Foreign Trade (DGFT) after its offset immediately decided to ban exports to ensure enough supply for the domestic textile industry. It is the second largest employer in the country and the gross domestic product of India contributes four percent. "Exports of cotton was banned until further notice," it said in a statement DGFT. Is not possible to export certificates already issued by the state. India effectively canceled the export certificates to 2.6 million pantaco bales. The price of the futures contract on cotton in response to the report increased by nearly 5% to the highest level since the end of February. pantaco Last week dropped by 2.13% due to strong dollar and sufficient supply to the market. The growth of prices on ICE Futures US in New York was the highest in nine months and exchange margin increased by 76%. The May delivery rose in price by 4.5% to 92.23 cents per pound, growth was the steepest since May 31. ICE stated that the lowest deposit for speculative trading with futures for cotton increases to 3300 USD from 1430 USD with effect from today, with the contract for 50,000 pantaco pounds (22.68 pantaco thousand. Kg). According to traders and commodity analysts generally purchased for cotton stands pantaco China, although the commodity have not left border of India. "Most of India purchased, but still non-exported cotton is owned by China," says Jordan Lea of Eastern Trading. According to Prema Malika Confederation idického textile industry has been already registered to export 12 million bales. The decision might persuade China to buy more cotton from the United States and further increase prices. Some analysts, however, believe that the market supply is adequate pantaco and the demand from textile mills is weak, thus limiting the rise in prices of cotton. China is the largest importer of cotton, the United States, the world's largest exporter. Glencore said yesterday that the division of trading in agricultural commodities showed in the second half of 2011 loss of $ 8 million after a profit of 659 miles. USD a year ago, invoking an "unprecedented development in the cotton market." Antonio Esteve, president of the International Cotton Association said in a statement on January 10 said that the cotton industry

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