Cotton Complex Traded On Mixed Note On Friday

Cotton complex traded on mixed note on Friday due to steady demand for new season crop. NCDEX Kapas closed 0.06 per cent higher while MCX cotton closed lower by 0.12 per cent. Price are supportive due to trading activity in cotton as mills showed interest in fresh buying of fine quality cotton.

We expect cotton prices to trade sideways to higher on reports rising export demand from Pakistan and other Asian countries. Report of falling output in the country also bullish for cotton. Moreover, ginners and stockist’s interest to buy quality cotton is keeping prices higher. However, supply glut in the country may pressurize prices in the domestic market.

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