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Related Keywords: China, consumer, cotton, export, futures, production, Textile, trading, Zhengzhou Commodity Exchange

Cotton futures closed lower Thursday on the Zhengzhou Commodity Exchange (ZCE).

The most active cotton contract for January delivery lost 85 yuan (12.02 U.S. dollars) to close at 12,890 yuan per tonne.

On Thursday, the total trading volume for 6 listed cotton futures contracts on the ZCE was 292,860 lots with a turnover of 18.93 billion yuan.

As the world's largest producer, consumer and exporter of textile, China listed cotton futures on ZCE in June 2004, helping cotton-related enterprises hedge the price risk.

Related Keywords: benchmark rates, bring transparency in the price discovery mechanism, CAB, CAI, cotlook index, cotton price index, cotton production, curb speculations across various markets, domestic and international, four different sources, futures, ICF, India plans to launch, MCX, spot, tracks delivered price of American cotton in China, trading platforms

India, in its attempts to curb speculations across various markets and trading platforms, and bring about further transparency in the price discovery mechanism is planning to launch a cotton price index of its own for which it will be taking into account benchmark rates from four different sources.