Cotton Complex Recovered In The Yesterday

Cotton complex recovered in the yesterday trade. NCDEX Kapas for Apr’17 closed 0.89% higher while MCX Jun’16 cotton closed higher by 0.63%. There are reports of lower acreage of cotton and higher demand from mills keeping prices higher in spot market. Moreover, in the kharif sowing progress data released by Government pegged only 12.25 lakh hectares in current season compared to 19.66 lakh hectares last year as on 17-Jun-16. Both the Union government and the trade expect cotton acreage to shrink by about 5-7 % over last year’s 118 lakh hectares (lh). Currently, CCI is actively auctioning cotton bales from its reserves to keep the supplies adequate. 

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