Cotton Futures On MCX Closed Higher

Cotton futures on MCX closed higher last week on speculative buying tracking International prices. However, higher supplies this season through imports and good stocks available with the farmers. According to trade sources, India’s cotton imports have touched an all-time high of 30 lakh bales this season. USDA forecasts India cotton production for 2017/18 at 6.01 mt, up nearly 6% while area is forecast at 11.5 million hectares, up 10% from last year. The domestic cotton arrivals in April are higher by 49% on year at 2.64 lakh tonnes (lt) compared to 1.77 lt last year, as per Agmarknet data.

ICE cotton futures hit a near three-year high last week and closed more than 5.5% higher for the week on strong demand from pending mill fixations and fund buying as supplies of the natural fiber have tightened. Weekly export data also supported cotton prices which showed net upland sales last week totaled 160,600 running bales, up 5% from the week before. However, favorable planting conditions across major producing areas across the world may pressurize prices. World cotton production will rise to 24.65 mt in 2017/18, up 7% compared to 2016/17 production.

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