Cotton Complex Continue To Recover On Tuesday

Cotton complex continue to recover on Tuesday due to good domestic demand and lower sowing acreage. 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 0.49% higher while MCX Oct’16 cotton closed higher by 0.09%. 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. 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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