Cotton complex traded on a mixed note last week. Prices remained under downside pressure on 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. However, short coverings were seen at lower levels. Demand from the domestic mills also supported prices at lower levels. NCDEX Kapas settled 1.02% higher while MCX Cotton futures settled 0.36% lower. However, 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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