MCX Cotton Continue To Trade Higher On Thursday

MCX Cotton continue to trade higher on Thursday 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 hit more than five-week highs on Thursday as better-than-expected weekly export sales data from the U.S. government suggested higher demand for the natural fiber. The U.S. Department of Agriculture early on Thursday reported net upland sales of 28,300 running bales for the 2016/2017 crop year and net sales of 232,600 bales for 2017/2018.

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