Cotton Futures On MCX Closed Higher

Cotton futures on MCX closed higher for the week as the arrivals in the domestic market slow down in April coupled with good physical demand. The arrivals in the first 20 days in April drops by about 70% to 1.19 lakh tonnes (lt) compared to 3.95 lt in March, as per Agmarknet data. Moreover, probability that the El Nino phenomenon may occur during second half of monsoon month which may affect cotton yield. In the third estimate Gujarat Agri Dept has revised down cotton production in Gujarat by 4 lakh bales to 80.50 lakh bales in 2016/17.

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