MCX Cotton Closed Higher During The Last Week

MCX Cotton closed higher during the last week on concern over loss due to heavy rains. Moreover, as per farm ministry, incidents of pink bollworm attacks have been reported in many parts of key cotton growing areas in south India and Gujarat. However, good progress in cotton sowing in the country capped further gain. As per latest data from Agricultural Ministry, cotton is planted in 114.3 lakh hectares (l ha) till last week, higher 18.2% compared to last year acreage 96.5 lakh ha for same period.

ICE cotton futures rose to their highest levels since mid-June on Friday, supported by strong demand for the U.S. crop. Cotton is higher because actual U.S. exports have surpassed the USDA's 14.5 million bales projection for 2016/17.

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