Cotton Complex Closed Lower Due To Good Sowing Progress.

Cotton complex closed lower due to good sowing progress. However, good demand and diminishing stocks is keeping prices supported. Recently the prices were under pressure due to poor buying interest from textile mills as CCI has decided to sell procured cotton. NCDEX Kapas for Apr’17 closed 2.31% lower while MCX Oct’16 cotton closed lower by 0.97%. To increase the physical supplies, 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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