MCX Cotton Traded In A Narrow Range And Closed Higher

MCX Cotton traded in a narrow range and closed higher on Wednesday as market participants are still assessing the loss of cotton due to heavy rains 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 jumped 1.5 % on Wednesday to a seven-week high, buoyed by short-covering by speculators amid a weaker dollar. Moreover, prices are supported by concerns that heavy rains in top producer India could affect the production.

The U.S. dollar hit its lowest level against the euro in more than 2- 1/2 years on Wednesday, while the dollar index, which measures the greenback against a basket of six major rivals, was last down 0.2 percent. 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.

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