Cotton futures rally on US export shipments

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New York. Cotton futures end higher after the USDA reports strong export sales and shipments of cotton, countering an annual federal forecast earlier Friday that said cotton production worldwide appears poised to outstrip consumption in the 2012-13 season starting Aug. 1. Penson Futures’ Sharon Johnson says this week’s drop in futures prices to a 2-month low “generated new mill buying and has helped stabilize prices.” March-delivery cotton on ICE settles 2.7% higher at 89.85c/pound while the more-actively traded May contract rose 1% to 90.15c.

Source: http://www.moneycontrol.com/commodity/comm_news.php?autono=172151&type=MKT

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