Cotton complex prices closed lower on Monday due to expectation of supply pressure from new season crops in coming weeks. Moreover, the mills have slow down the purchases of raw cotton due to higher domestic. NCDEX Kapas for Apr’17 closed lower by 0.62% while MCX Oct’16 cotton closed higher by 0.15%.As per latest estimate by government, cotton is planted in 105.6 lh in the country, down by 11.6% against 116 lh last year as on 23 Sep. In Gujarat, the top cotton producing state, the crop had been across 23.8 lh ,down 13.8% from a year ago. In Maharashtra, the largest area under cotton, the acreage was at 38.0 lh, slightly down from around 38.2 lh a year ago.
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