Cotton Complex Continue To Trade Higher

Cotton complex continue to trade higher on reports of lower supplies of cotton in domestic market coupled with report of slow sowing progress and pest attack in north India. NCDEX Kapas for Apr’17 closed 0.11% lower while MCX Jul’16 cotton closed higher by 0.32%. Cotton sowing in Gujarat has declined by more than 50 per cent as on July 11, at 13,65,400 hectares, against the average of 28,21,000 hectares for the last three years. The Cotton Advisory Board (CAB) has lowered crop production estimate by 12 % to 338 lakh bales (lb) in 2015-16 against 386 lb last year but estimated a comfortable cotton supply position of 43 lb for the cotton season of 2015-16.

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