MCX Cotton Closed Lower

MCX Cotton closed lower on good progress in cotton sowing in India, China and the US. The prices have been under pressure in last few weeks, mainly due to lower physical demand and good start to kharif sowing in the country. As per latest data from Agricultural Ministry, cotton is planted in 24.70 lakh hectares (l ha) till last week, higher by 29.5% compared to last year acreage of 19.1 l ha for same period. We have seen jump in cotton prices as CAI has reduced cotton production in 2016/17 to 336 lakh bales from 340.5 lakh bales estimated in April.

ICE cotton futures edged lower on Thursday with the market looking ahead to Friday's annual planted acreage report from the U.S. Agriculture Department, which is widely expected to show an uptick in planted acres. Weekly export sales data from the USDA shows, net upland sales of 261,300 RB for 2016/2017 were up 56% from the previous week and up noticeably from the prior 4- week average.

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