Cotton prices plunges about three month high on Monday following the lower planting intentions in USA.
Cotton growers in USA intend to devote 9.4 million acres of land for cotton this spring, 14.6 percent lower when compared to previous year, according to 32nd Annual Early Season Planting Intentions Survey by National Cotton Council. Share of upland cotton in the acreage would be around 9.2 million acre, around 15.2% lower when compared to the previous year and 236000 acres would be dedicated for extra long staple (ELS) which is 22.8 percent higher compared to the year 2014.
March cotton contract on ICE gained 1.2% to 62.30 cents per pound, the highest price since 11 November 2014.
March cotton contract on ICE gained 1.2% to 62.30 cents per pound, the highest price since 11 November 2014.
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