Cotton complex traded on a bearish note on Thursday hitting fresh contract lows on revival of monsoon coupled pickup in sowing activities. Concerns over global demand and record high output have also pressurized prices. NCDEX Kapas settled 1.22% lower. MCX October Cotton recovered from lower levels on a weak Rupee and settled marginally higher 0.23%. Cotton Association of India has revised its 2013- 14 output to 395 lakh bales.
The CCEA has increased MSP for cotton by Rs. 50 to Rs.3,750 for medium staple variety and to Rs.4,050 for long staple variety.
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