Cotton Futures On MCX Fell On Thursday

Cotton futures on MCX fell on Thursday but traded in a narrow range due to anticipation of good supplies in coming weeks. Moreover, India's 2016-17 cotton imports are set to jump more than a third from a year ago to a record 30 lakh bales on stronger rupees. On export front, country has so far contracted about 45 lakh bales in the current crop year, and total exports in the season could be around 5 million bales, down 30% from a year ago. As per USDA forecast, India’s 2017/18 cotton production forecast increase by 3.7% to 36.5 million 170 kg bales/6.2 mt. Area will increase to 11 million hectares from 10.5 mh in 2016/17. ICE cotton futures retreated to touch a 10-week low on Thursday, as speculators liquidated and index funds rolled positions. Weekly export sales data from the U.S. government showed net upland sales totaled 270,000 running bales for the previous week, down 31 percent from the week before.

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