Wednesday, October 01, 2014

AGRI COMMODITY NEWS UPDATE KAPAS 01 - OCT - 2014



Cotton complex recovered from lower levels on short coverings. NCDEX Kapas as well as MCX cotton settled 1.86% and 0.73% higher respectively. Prices have declined sharply over the last few weeks on higher cotton sowing, expectations of record output, weak overseas markets and concerns over global demand. According to a circular from MCX, trading in Kapas (March and April 2015) contracts will be available for trading from 1st October, 2014.

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 with a negative bias. Weak overseas markets, global demand concerns, higher sowing, and higher output may keep prices under check. However, value buying may be seen at lower levels.


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