Cotton Complex Closed Higher On Wednesday

Cotton complex closed higher on Wednesday tracking International markets and reports of lower supplies from new season crop and expectation of lower cotton production in the country may support prices at higher levels. NCDEX Kapas for Apr’17 closed 0.33% higher while MCX Oct’16 cotton closed higher by 1.16%. India, which was the largest producer of cotton in 2014-15, has seen the crop stock dwindle, leading to competition between exporters and the textile industry, which has been forced to import at the end of the season. India’s exports will be at their lowest level since 2008/09 falling 30 %or 1.9 million bales.

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