Cotton Futures On MCX Closed Lower Last Week

Cotton futures on MCX closed lower last week weigh down on reports of good progress of cotton in north India. As per latest data from Agricultural Ministry, cotton is planted in 11.24 lakh hectares (l ha)as on 26th May, higher by 27% compared to last year acreage of 8.84 l ha for same period.

Cotton planting begins in the northern Indian states of Punjab, Haryana, and Rajasthan in early May. Moreover, there are ample supplies this season through imports and good stocks available with the farmers. 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.

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