Cotton prices on MCX and Ncdex Kapas jumped higher on Monday supported by firm international prices and good domestic demand. CAI estimated output at 341 Lakh Bales and revised its consumption higher at 295 lakh bales compared to 290 last year. Meanwhile, CCI may have purchased close to 1 lakh bales from the physical market which might put pressure on prices later in season. ICE cotton futures rallied to the highest in nearly 3 years after commencement reserve stocks auction in China boosted expectations of higher demand for the natural fiber. Weekly export sales data from the U.S. government showed net upland sales totaled 481,400 running bales for the previous week, its highest for the 2016-17 marketing year, up 31% from the week before.
For MCX Tips NCDEX Tips ✆ – 0731-6642300 or whatsapp at 7049084664