By admin       2017-11-02

Angel Commodities' report on Cotton:MCX Cotton Nov futures recovers on Wednesday for the second consecutive session on short covering after closing lower for three consecutive sessions. The prices have been under pressure by higher than expected cotton production in the country. Textile industry has urged Cotton Corporation to procure about 100 lakh bales to stabilize the prices this season. Moreover, Gujarat government has announced a bonus of Rs500 per quintal over and above the minimum support price of Rs4,020. The CCI is set to open its procurement centers in major cotton - growing states as it is believed that the prices may decrease below the MSP during the peak arrival season. The arrivals in the current season during Oct are about 20.27 lakh bales compared to 18.72 lakh bales last year as per ICC. Outlook Cotton futures are expected trade sideways to higher on good physical demand from the stockists, mills and traders as CCi may soon start procurement in cotton growing states. However, reports of improved arrivals from the new season crop in the domestic market and higher production estimates may keep the prices sideways.

Download App

# #

Member Login