Domestic cotton prices surge 8% on export hopes

COTTON prices soared 8 % in four days in domestic market after a government statement revived hopes for exporters. Prices rose by Rs 3,500 to touch Rs 43,000 per candy (256 kg) in Gujarat. International prices too hit a new peak of 159.12 centr pdq lb on Tuesday. The Centre on Thursday allowed registration of unexported quantity out of the 55 lakh bales (170 kg) quota that was to be shipped by December 15. The country could export only 30 lakh bales by the deadline and the commerce ministry's statement permitting fresh registrations with the Directorate General of Foregin Trade (DGFT) brought new hopes for the exporters.