MCX Cotton Closed With Little Gains On Thursday

MCX cotton closed with little gains on Thursday on technical buying but reports good progress of cotton in north India put press on prices. As per latest data from Agricultural Ministry, cotton is planted in 12.18 lakh hectares (l ha) as on 2 nd June, higher by 29.7% compared to last year acreage of 9.40 l ha for same period.

In Punjab, cotton acreage was at 3.8 lha, up nearly 52% on year, while in Haryana, area is up 27.7%% at 6.1 lha. As per ICAC, Cotton area in India is forecast to expand by 7% to 11.3 million hectares, and assuming yield is similar to the 4-year average of 528 kg/ha, production could increase by 3% to 6 mt in 2017/18.

ICE cotton futures closed higher on Thursday after positive weekly export sales data during this time of the year. Net upland sales for the 2016-17 crop last week totaled 82,700 running bales, down 26 percent from the previous week, weekly export sales data from the U.S. Department of Agriculture showed on Thursday. However, US government data on Monday showed 80 % of cotton crops were planted in the US by the week ended June 4, up from 63% in the previous week.

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