EPIC RESEARCH NCDEX UPDATE OF COTTON 23 November 2016

Cotton trading range for the day is 18970-19510. Cotton prices dropped due to profit booking at higher levels on expectation of good supplies. Industry is estimating 355 lakh bales (170 kg each) for the season 2016- 17 (Oct-Sep), as against the government’s first estimate of 321.2 lakh bales. As per ICAC, world ending stocks are forecast to decrease further by 7% to 17.8 mt at the end of 2016/17 as China continues to reduce its stocks. Cotton prices in spot market dropped by 200.00 rupees and settled at 19080.00 rupees. To get reliable and quality NCDEX Tips ✆ – 0731-6642300