Cotton Futures On MCX Closed Lower On Tuesday

Cotton futures on MCX closed lower on Tuesday after surging for 2 consecutive sessions tracking International prices. There are 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 fell about 4 cents on Tuesday, halting three straight sessions of gains, on a technical sell-off and speculator liquidation after cotton hit near three-year highs on Monday. The USDA reported US cotton planting 33% complete, lagging the average of 37% and last year’s 38%. However, favorable planting conditions across major producing areas across the world may pressurize prices.

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