Cotton seen down on imports

Domestic cotton futures are seen down next week because of import of cheaper cotton from overseas, traders and analysts said today. International futures prices are also seen weak, they said.

"Domestic futures prices are seen bearish next week, as imported cotton is cheaper when compared with local prices," said Prerna Desai of Man Financials.

Imported cotton has become cheaper after the rupee appreciated around 11 per cent since August, she said.

"Domestic importers have entered into contracts for 150,000 bales from West African countries, which may be delivered within 20 days," she said, adding this has dampened the market sentiment.