Cotton complex recovered from lower levels last week on short coverings coupled with positive overseas market. NCDEX Kapas settled as well as MCX cotton settled 1.26% and 0.82% higher w-o-w. Prices have declined over the last few weeks on good monsoon and higher cotton sowing. Concerns over global demand and record high output also pressurized prices.
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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