Cotton Complex Closed Lower

Cotton complex closed lower as market participants exit buying position on reports lower demand at prevailing levels despite lower estimates of cotton output. Cotton Advisory Board estimates cotton production at around 33 million bales (170 kg each) for the October 2015-September 2016 crop year against 38 million bales in the previous year. However, reports of lower production in main cotton growing states due to below normal monsoon and pest attack may keep prices supported at higher levels in coming months. NCDEX Kapas closed 0.93 per cent down while MCX cotton closed down by 0.48 %.

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