Cotton Futures On MCX Closed Lower On Week

Cotton futures on MCX closed lower on week on the reports of higher supplies this season through imports and good stocks with the farmers. According to CCI, about 288 lakh bales of cotton arrivals were recorded till 20th April. 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. As per CAI, the arrivals during March 2017 are higher than that of the corresponding month during last year. 

ICE cotton futures closed lower on Friday due to favorable weather conditions in major producing areas and fundselling, posting a second straight weekly decline. As per USDA, about 14% of plantings have been completed in 15 major cotton-producing states across the US in the week to April 30, up from 11% the previous week. However, weekly export sales data from the USDA showed net upland sales totaled 152,400 running bales for the previous week, up 32% from the week before. Acc. to CFTC, speculators raised their net long position in cotton for a third straight week in the week to May 2.

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