Cotton complex ended on positive note yesterday. MCX Cotton Mar Futures closed 0.33% higher and NCDEX Kapas April’15 closed 1.54 % higher. Cotton price may edge higher on expectation of fresh export demand from Vietnam and Indonesia.
The state-run Cotton Corp of India (CCI) started to sell cotton through electronic auctions as it struggles to store purchases of over 78 lakh bales procured in the current crop season. For the last two electronic auction sessions, CCI has increased the base prices upto Rs 200 – 300 per bales.
India exported 1.37 lakh bales of cotton last week (02-08 Feb 2015), which was 1.23 lakh bales compared to previous week (26 Jan-01 Feb 2015), according to the data compiled by IBIS.
Outlook
Cotton futures may trade mixed to positive note on reduced production estimates and good response to CCI e-auctions in the domestic market. Selling on higher levels may be negative for the prices.Visit Here
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