Cotton complex recovered from lower levels last week on short coverings and positive overseas markets. Prices have declined over the last few weeks on higher cotton sowing, expectations of record output, and concerns over global demand. NCDEX Kapas and MCX cotton settled 2.13% and 1.75% higher w-o-w respectively.
The textile commissioner has said that India is set for yet another year of record output and may take over china as the largest producer.
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.
Outlook
Cotton futures may trade on a mixed note. Increased planting, favorable climatic conditions, global demand concerns and comfortable supplies may keep prices under check. However, lower level demand and positive overseas markets may support prices at lower levels
For more details visit: http://www.capitalstroke.com/ or contact on 0731-3299704
0 comments :
Post a Comment