Cotton Complex Posted Sharp Decline On Wednesday

Cotton complex posted sharp decline on Wednesday due to profit booking from the higher levels. There are lower supplies of cotton in domestic market but government decided to sell procured cotton to mills. NCDEX Kapas for Apr’17 closed 0.24% down while MCX Jul’16 cotton closed down by 3.99%. Recently, government decided that the Cotton Corporation of India (CCI) will sell its existing stock purchased under minimum support price to MSME spinning mills on account of recent spurt in cotton prices.

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