Cotton complex traded on a negative note on Thursday taking cues from weak oversea markets. Concerns over global demand coupled with higher output and weak cotton yarn exports to China also added to the downside pressure. NCDEX Kapas as well as MCX Cotton futures settled 0.57% and 0.7% lower. Forecast of below normal rains in the major cotton growing regions coupled with demand from the domestic mills supported prices at lower levels. Cotton Association of India has revised its 2013-14 output to 388.25 lakh bales.
According to the Ministry of Agriculture, sowing of cotton is reported at 1.7 mn ha as against 1.6 mn ha last year.
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