According to Angel Commodities , We expect cotton prices may trade sideways taking clues form international market, which will be trading down today.In the domestic market,
Angel Commodities report on Cotton
Cotton complex traded on negative note due to steady demand at current market prices and reports of steady arrivals in the physical market. NCDEX Kapas for Apr’17 closed lower by - 0.82 % while MCX cotton clo sed 0.34 % lower .
The Cotton Association of India (CAI) has cut production estimate to 341 lakh bales (of 170 kg each) of the fiber in the 2015/16 season that started on October 1, from 342 lakh bales estimated last month.
Global Cotton Updates
ICE Cotton futures closed 2 per cent on Tuesday to register their biggest one - day loss in over six weeks amid profit - taking on a stronger dollar. The market also factored in China's cotton reserve auction that began on Tuesday, where about 30,000 tonnes were sold at 84 cents per lb.
We expect cotton prices may trade sideways taking clues form international market, which will be trading down today.In the domestic market, there are anticipation of steady demand from traders and textile sector as arrivals are reducing. Moreover, lower area for cotton in next year too positive for cotton prices.
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First Published on May 4, 2016 11:44 am