MCX Cotton Closed Lower On Monday

MCX cotton closed lower on Monday on anticipation of good production in the next season as sowing progress in the country starts in a brisk manner. As per latest data from Agricultural Ministry, cotton is planted in 16.7 lakh hectares (l ha) till last week, higher by 36.1% compared to last year acreage of 12.25 l ha for same period. As per ICAC, Cotton area in India is forecast to expand by 7% to 11.3 million hectares, and production could increase by 3% to 6 mt in 2017/18.

ICE fell for the seventh straight session on Monday after hitting near six-month lows in the previous session as investors continued liquidating on rising expectations of new harvest. The plantings have been going well in the U.S., China, and India. The weather has continuously been moderate to good in all the planting areas. US sowing data showed 92% of cotton crops were planted in the US by the week ended June 12, up from 80% in the previous week. Speculators reduced a bullish stance in cotton futures and options to the lowest since November 2016.

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