MCX Cotton Closed Lower on Tuesday

MCX Cotton closed lower on Tuesday on fresh selling by market participants on good progress in cotton sowing in the country still bearish for cotton. As per latest data from Agricultural Ministry, cotton is planted in 90.1 lakh hectares (l ha) till last week, higher 23% compared to last year acreage of 74 lakh ha for same period. USDA in its latest monthly report increase the production forecast by 1.28 million bales (1 bale = 170 kg).

However, there is fear of decline in yield due to deficient rainfall in major growing areas but higher acreage may keep the production at higher levels.

ICE cotton futures edged up for the third straight session on Tuesday as investors covered short positions amid dry weather concerns in major producers like the United States and China. Weaker dollar too supported the prices.

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