Monday, 4 April 2016

Daily Mcx Cotton Insight Report

MCX Cotton futures witnessed short covering triggered by emerging domestic demand of cotton in spot market. Similarly, heightening concerns over lower production amid slowing pace of arrivals also led to the smart recovery to cotton futures by end of the week. Most active cotton contract settled at Rs.16190/bales of 170kg each, higher by 1.76% from the previous close.

Cotton Association of India (CAI) has further revised its production estimates downwardly to 345 lakh bales in its latest forecast which were earlier estimated at 353 lakh bales. The projected Balance Sheet drawn by the CAI estimated total cotton supply for the season 2015-16 at 432.60 lakh bales while the domestic consumption is estimated at 304.00 lakh bales thus leaving an available surplus of 128.60 lakh bales.
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