Cotton On MCX Traded

Cotton on MCX traded flat while kapas prices closed higher on NCDEX on Wednesday. The prices have been trading in a range as arrivals have improved in the physical market. However, good domestic and export demand from neighboring countries keeping the prices at higher levels. As on Feb 08, 2017 about 171 lakh bales of cotton have arrived in the domestic market. Maharashtra is leading the arrivals figures at 46.7 lakh bales followed by Gujarat at 39.6 lakh bales. India’s cotton imports have been increased 20% since October following fears of lower supply due to demonetisation. However, with more cash being injected into the economy, crop arrival has improved significantly, particularly in Gujarat. Moreover, India has exported around 2.5 million bales so far in the 2016/17 season that started on Oct. 1. In 2015/16 India exported 6.9 million bales, but this year exports could fall 28 % to 5 million bales.

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