Meeting on ban on exports of Cotton by India will again be held after two weeks time. After a u-turn by the Trade Ministry on the hard stance of Cotton export ban, the EGoM was held on Monday to roll back the ban but no result came out of the same. Trade Secretary, Rahul Khullar said on Monday that India will not allow fresh exports of Cotton. Exports of Cotton will only be of the quantity that was registered before the ban was introduced.
There was a huge hue and cry within the Agriculture ministry and China that is biggest buyer of Cotton from India. Even farmers were unhappy with the decision of the ban worrying that prices will drop further down.
Indian MCX Kapas futures for March expiry were trading up by Rs 14 or 1.7% to Rs 818.6 per 20 kgs on Monday. Kapas futures are trading between a range of 810-840 in last few days. After the news of lifting of ban by India, ICE benchmark futures were trading at 89.91 per pound, up 0.2%.
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Technical comment for the day: Copper