MCX Cotton Closed Unchanged On Monday

MCX Cotton closed unchanged on Monday as market participants are still assessing the loss of cotton due to heavy rains in Gujarat. Last week prices have increased more than 3.4% higher last week 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 111.2 lakh hectares (l ha) till last week, higher 20% compared to last year acreage of 92.3 lakh ha for same period.

ICE cotton futures closed flat on Monday on reports of improved cotton ratings in the US. Condition ratings were increased by 1% to 56%good to excellent.

The Crop Progress report showed that 87% of the cotton crop was squared as of July 30, down 4% from the average, with 46% setting bolls, down 7% from the average. Moreover, higher exports of 326,800 RB were up 17% from the previous week and 27% from the prior 4-week average capped further loss.

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