Capital stroke NCDEX Update : COTTON 7 JULY 2014

Cotton complex traded on a negative last week on expectations monsoon revival. Concerns over global demand coupled with higher output last year and weak cotton yarn exports to China pressurized prices. Prices gained over the last few days on forecast of below normal rains coupled with weak sowing, demand from the domestic mills. NCDEX Kapas as well as MCX Cotton futures settled 1.61% and 3.17% lower w-o-w. Cotton Association of India has revised its 2013-14 output to 388.25 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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