Cotton Complex Closed Lower



Cotton complex closed lower on Thursday on profit booking. However, lower supplies from new season crop and expectation of lower cotton production in the country may support prices. NCDEX Kapas for Apr’17 closed 1.14% down while MCX Oct’16 cotton closed down by 0.81%. 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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