Cotton Complex Prices Recovered On Monday

Cotton complex prices recovered on Monday form the lower level on bargain buying by the market participants. Earlier, prices were under pressure on 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 0.65% higher while MCX Oct’16 cotton closed higher by 0.84%. 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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