Cotton Complex Corrected On Wednesday

Cotton complex corrected on Wednesday due to profit booking after surging more than one percent in previous trading session. NCDEX Kapas for Apr’17 closed 0.56% down while MCX Oct’16 cotton closed lower by 0.25%. The loss is limited due to expectation of less recovery in cotton production in India. In its first estimate, the Cotton Association of India (CAI), the apex trade body of the fibre crop, has pegged the output for the year starting October 2016 at 336 lakh bales of 170 kg each.

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