Cotton Complex Prices Recover On Wednesday

Cotton complex prices recover on Wednesday as demand outpace the supplies as farmers continue to hold their stocks on anticipation of further rise in price. Meanwhile, Cotton Association of India (CAI) has revised its cotton crop estimate downward at 341 lakh bales (each of 170 kg) for the year 2016-17 as against the earlier estimate of 346 lakh bales, projected in October. Cotton supplies in Indian spot markets fell 15.9% from a year earlier to 10.8 million bales between October and December as the government's move to scrap high-value currency notes disrupted trading.

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