Indian domestic market cotton prices begin aligning with global market.

Indian cotton prices have begun to align with market fundamentals and global rates now that the demand, including for exports, has rebounded, industry participants and traders say.
Prices, however, have recovered from the lows of ₹56,000-56,500 a candy (of 356 kg) witnessed early this week. The reported move of Multi Commodity Exchange (MCX) to introduce new cotton contracts has helped buoy the market to some extent. 

Currently, ginned cotton is quoted at ₹59,500 a candy at Rajkot. In comparison, cotton futures for delivery in March is quoted at 83.1 US cents a pound (₹54,450/candy) on the Intercontinental Exchange (ICE), New York.

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