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Cotton Trading Range For The Day Is 20800-21360 - Ripples Advisory Pvt Ltd
Cotton on MCX settled down by -0.61% at 21060 on oversupply woes and weak demand. India's cotton production is projected to rise by 2% to 5.9 million tons as area expands by 7% to 11.2 million hectares, reports published by International Cotton Advisory Committee (ICAC) showed. In addition to this, United States Department of Agriculture (USDA) also hiked its estimates for global cotton inventory for year 2016-2017 by 1.2%. In addition to this, China is getting good response; investors are keen to buy China products at lower cost which denting India's export demand. China sold 27,200 tons out of 32,100 tons offered on March 13 with the average prices of yuan 14,905 tons.
*Cotton trading range for the day is 20800-21360.
*Cotton prices ended with losses on oversupply woes and weak demand.
*Cotton prices in spot market dropped by 70.00 rupees and settled at 20730.00 rupees.