Cotton complex traded on a negative note last week on weak cotton yarn exports to China coupled with weak overseas markets however, declining arrival pressure and fresh cotton export enquiries supported prices at lower levels. NCDEX Kapas as well as MCX Cotton futures settled 3.86% and 4.94% lower w-o-w. Cotton Association of India has revised its 2013- 14 output marginally higher from its previous estimates.
In the domestic markets, although production is estimated higher, arrivals so far remain significantly lower compared to last year. This is because farmers were holding back their produce in anticipation of higher returns.
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