For year beginning October 1, the harvest is projected to touch 34.5 million bales as compared to the forecast of 35.6 million bales that was issued in mid-November, according to A.B. Joshi, textiles commissioner. One bale of cotton weighs roughly 375 pounds.
"New crop arrivals have been lower so far, which means production may be only marginally better than last year," secretary general D.K. Nair with the Confederation of Indian Textiles Industry told the news service. "Local prices will rise as ending stocks may come down because of higher exports."
At 2:34 p.m. on Tuesday, cotton futures slipped 1.2 percent, a 1.19 cent fall to 98.18 cents per pound.
The record price for cotton futures is $2.197 per pound, which was set on March 7 of last year.
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