Cotton Complex Prices Continue To Trade

Cotton complex prices continue to trade on negative note due to slowing physical demand from the textile industry and expectation of better production as acreage have improved in Gujarat and Maharashtra. NCDEX Kapas for Apr’17 closed 1.04% lower while MCX Oct’16 cotton closed down by 1.95%. The CAI has estimated the country's 2016-17 (Oct-Sep) crop at 338 lakh bales (1 bale = 170 kg), unchanged from the previous year. During the off-season, CCI auction its existing stock purchased under minimum support price to MSME spinning mills. Cotton planting in the country is likely to fall to the lowest in seven years in the 2016-17 due to shift to pulses and oilseeds by farmers

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