Kapas futures ended on a slightly positive note during yesterday’s session. The most Active April NCDEX Kapas futures traded in a range of 604 to 612.3 levels and ended the session at 609.4 levels with a slightly positive change of 0.16 levels

Outlook:

Kapas futures may open up and trade on a slightly positive note during the day on account of some demand in the physical market

Traders and millers are expecting the prices to come down further as the current arrivals of deteriorating quality and fetches low price in the market

Though the international prices are trading firm due to tight global supplies, domestic prices are trading on steady note due to absence of any fresh fundamental trigger

According to the minister, output in the year to September was expected at 29.5 million bales (1 bale=170 kg), sharply up from 15.8 million bales in 2001/02

According to International Cotton Advisory Body, Global cotton prices have shot up nearly 14 per cent to Rs 30,908 per candy in February due to tight world supplies coupled with recovery in demand

The world cotton output is likely be slightly lower at 22.2 MT in the 2009-10 season from 23.42 MT in the year-ago period, while the consumption is expected to be at 24.1 MT, according to ICAC

Courtesy: Karvy Commtrade Ltd.

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