MCX Cotton continues to trade on positive note on Wednesday Due To Concern Over Loss Due To Heavy Rains.



MCX Cotton continues to trade on positive note on Wednesday due to concern over loss due to heavy rains. Moreover, industry sources believe that India's cotton yield may decline on whitefly, pink bollworm attacks. A substantial cotton area came under whitefly attack in Punjab and Haryana, pink bollworm was reported to have attacked standing crop in Maharashtra, Andhra Pradesh and Gujarat. However, 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 ended almost flat in low volume trading on Wednesday as markets waited for the key supply and demand estimates report on Thursday. Cotton prices are trading higher because actual U.S. exports have surpassed the USDA's 14.5 million bales projection for 2016/17. As per CFTC data, Spec traders were reported to add another 2,938 contracts to their net long position of 21,593 in cotton futures and options.

For Quick Trial – 8962000225 ✔ 
or mail us here: info@ways2capital.com
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717
NewerStories OlderStories Home

0 comments: