Cotton complex traded on a negative note on Monday pressurized by concerns over global demand, weak cotton yarn exports to China and higher output as forecast in the 3rd advance estimates coupled with weak overseas markets. NCDEX Kapas as well as MCX Cotton futures settled 0.16% and 0.47% lower. Demand from the domestic mills supported prices at lower levels. 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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