MCX Cotton Closed Higher On Monday

MCX Cotton closed higher on Monday as market participants initiated fresh buying on concern about excess rains in cotton growing areas in Gujarat. However, good progress in cotton sowing in the country capped further gain. As per latest data from Agricultural Ministry, cotton is planted in 104.1 lakh hectares (l ha) till last week, higher 20% compared to last year acreage of 86.6 lakh ha for same period.

ICE cotton futures edged slightly lower on Monday as speculative funds continued to liquidate their bullish positions in the natural fiber amid favorable rains in the U.S. cotton regions. Speculators reduced their bullish stance in cotton by 5,761 contracts to 15,060 contracts, the data showed. Since late May, they have been unwinding their net long position in the commodity to the smallest since April 2016.

China will prepare an additional batch of 410,000 tonnes of cotton for its daily state auctions, industry website reported on Monday, lending weight to expectations that state sales would be extended to ease tight supplies.

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