MCX Cotton Closed Lower For The Second Consecutive

MCX Cotton closed lower for the second consecutive session pressurized by good sowing progress in India. USDA's Foreign Agricultural Services has raised its forecast for India's cotton production in 2017-18 (Aug-Jul) to 372 lakh bales (1 bale = 170 kg) from 359 lakh bales estimated in June. Meanwhile, ICAC in its latest press release said global production continue to recover in 2017/18. With the timely onset of the monsoon and prospects for normal rainfall, yields are expected to be higher in most of the cotton growing states. As per latest data from Agricultural Ministry, cotton is planted in 46.10 lakh hectares (l ha) till last week, higher by 12% compared to last year acreage of 30.6 lakh ha for same period.

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