Cotton Prices On MCX Closed Lower On Tuesday

Cotton prices on MCX closed lower on Tuesday as physical demand continue to increase so as the arrivals. The cotton arrivals are in full swing and gap of arrivals compared to last year has narrowed down. ICE cotton futures hit a more than two-week low on Tuesday, weighed down by expectation of lower exports in coming weeks. Moreover, the acreage estimates for cotton to increase for new cotton crop in coming season. The data from the CFTC showed that managed money cut their net long position in the week to Mar 14 in cotton futures and options by 426 contracts to 105,608 contracts.

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