Cotton Complex Closed Lower On Friday

Cotton complex closed lower on Friday on profit booking as new season cotton arriving in the physical market. NCDEX Kapas for Apr’17 closed 1.98% down while MCX Oct’16 cotton closed down by 2.88%. 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 in 2015-16.

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