Cotton complex traded with a positive bias on Wednesday extending gains of the previous session and lower level demand. NCDEX Kapas as well as MCX cotton settled 0.54% and 0.22% higher respectively. Prices have declined over the last few months on higher cotton sowing, concerns over global demand and record high output.
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 complex 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 may support prices at lower levels.
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