MCX Cotton Continues To Trade On Positive Note

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 fell over 4% on Thursday to a two-week low after markets were surprised by supply estimates from the U.S. Department of Agriculture, which raised its projections for U.S. and global production for the 2017/18 crop year. As per USDA, US production for 2017 is forecasted at 20.5 million bales, 1.5 million above last month and the largest production in 11 years while world production to increase by 8% on year to 25.5 million tonnes. China will produce 5.28 mt of cotton in 2017/18, up 9.5% from last year due to rising acreage and yield.

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