Summary Box: Cotton soars after India bans exports

AP News
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Posted: Mar 05, 2012 4:15 PM
Summary Box: Cotton soars after India bans exports

COTTON BUMP: Cotton prices soared after India halted export sales of the fiber. The price still is less than half of what it was a year ago when shrinking global inventories and stronger demand sent cotton over $2 per pound.

U.S. WIN?: An analyst says the move by India, the world's second-largest exporter of cotton, could send more buyers to the U.S., Uzbekistan, Brazil and the French-speaking region of Africa.

MIXED BAG: Other commodities were mixed after China lowered its economic growth forecast to 7.5 percent from 8 percent. Oil and corn rose while gold, copper, wheat and soybeans fell.