Cotton Futures On MCX Fell On Thursday

Cotton futures on MCX fell on Thursday its 4th fall in five sessions on reports of higher supplies this season through imports due to strong rupees. Moreover, as per Care ratings, cotton production in India may higher by 4% in 2016/17 compared to last year. The domestic cotton arrivals in the first 25 days in April are higher by 59% on year at 2.32 lakh tonnes (lt) compared to 1.46 lt last year, as per Agmarknet data. As per CAI, the arrivals during March 2017 are higher than that of the corresponding month during last year. ICE cotton futures shed nearly 1.8% on Thursday, in the biggest one-day percentage decline in over three-weeks, due to lower weekly U.S. export sales report. Weekly export sales data from the U.S. Department of Agriculture (USDA) showed net upland sales totaled 115,500 running bales for the previous week, down 49 percent from the week before and the lowest level since late September.

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