MCX Cotton Dropped To 5 Months Low On Tuesday

MCX cotton dropped to 5 months low on Tuesday as physical demand slows on anticipation of good production in the next season.

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 cotton dropped to more than seven month lows on Tuesday as chances of bulk new crop harvest in major growing regions and a stronger dollar kept buyers at bay. Prices of cotton were also weighed down by a strong dollar. The prospect of good monsoon across India and Pakistan and potential for big crops in the U.S. is continuously pressurizing the prices.

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