Cotton prices rose above the psychological barrier of Rs5,000 per maund on Friday as buyers rushed to replenish their stocks at higher level.
The buying surge is believed to be due to rise in the dollar’s value against the rupee which has improved export parity of textile goods.
Besides, firming up prices on world markets, including that of New York, also induced buying activity. It is interesting to note that Indian cotton market, which is glutted with cotton, also stood steady.
Though
