Cotton Futures On MCX Closed Higher

Cotton futures on MCX closed higher for the second session on speculative buying after tracking International prices. Prices surged on MCX despite 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 mhac, 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 rose to the highest level in nearly three years on Monday on short covering due to tight supplies of the natural fiber in the US. The USDA reported US cotton planting 33% complete, lagging the average of 37% and last year’s 38%. 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.

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