MCX Cotton Closed Higher Last Week

MCX Cotton closed higher last week on fear a decline in yield due to deficient rainfall in major growing areas during the last three weeks. Moreover, expectation of good physical demand for cotton as GST on cotton is less than manmade fibers. AS per IMD, the middle-, northern- and eastern parts of India received abovenormal rainfall, the western and southern parts remained deficient last year, with reports of deficient rainfalls in large cotton-growing regions.

As per latest data from Agricultural Ministry, cotton is planted in 71.8 lakh hectares (l ha) till last week, higher by 5.8% compared to last year acreage of 68 lakh ha for same period.

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