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Markets

US cotton jumps more than 4pc

Published March 5, 2012 Updated March 5, 2012 08:16am

trucksSINGAPORE: Benchmark US May cotton futures rallied more than 4 percent to a high of 92.23 cents a pound on Monday after India banned exports.

The move also boosted Shanghai futures by more than 1 percent.

India has banned cotton exports with immediate effect, the Directorate General of Foreign Trade (DGFT) said on Monday, as the world's second-largest exporter of the fibre moves to conserve supplies for local mills.

Copyright Reuters, 2012

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