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Cotton futures dropped on Wednesday, giving back the previous day's gains on rising inventories as harvest ramp up in key producers. The most-active March cotton contract on ICE Futures US dropped as low as 58.91 cents a lb before finishing down 0.76 cent, or 1.3 percent, at 59.10 cents a lb.

The fluctuations observed during the day:

Cotton futures gained on Tuesday as traders covered short positions after prices approached the previous session's low, with some commercial buyers taking advantage of the low prices. The most-active March cotton contract on ICE Futures US closed up 0.76 cent, or 1.3 percent, at 59.86 cents a lb in a bounce up from Thursday's five-year lows.
The following were the fluctuations observed during the day:

The fluctuations observed during the day:

China imported 81,900 tonnes of cotton in October, down 42 percent on the same month last year, and the lowest level since January 2009, data showed. It was also the first time monthly imports of the fibre dropped below 100,000 tonnes since October 2010. October imports fell after harvests in key exporting nations India and the United States were delayed, while importers also had fewer quotas this year to bring in cotton at a lower tariff, said a trade source who declined to be identified.
Pradeep Jain has been operating his ginning mill at only 10 percent of capacity even as India is set to become the world's biggest cotton producer with a record harvest. "Since prices have fallen below the minimum support price, farmers are not willing to sell their crop to private players," Jain said, pointing towards his empty warehouse, which usually overflows in November as harvesting gains pace.

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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MonthlySeptember
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