MCX Cotton Edged Down For Week



MCX Cotton edged down for week due to good progress in cotton sowing in the country. 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 inched up on Friday, supported by a weaker dollar and a jump in grains markets, after hitting a nearly threeweek low early in the session. As per COT data, speculators reduced their bullish stance in cotton for the fifth consecutive week by 3,900 lots to 22,510 lots in the week to July 11. That marked the smallest net long stance in the fiber in over a year. U.S. exporters sold 13,000 running bales of upland cotton in the week ended July 6, touching a marketing-year low for 2016/2017.


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