June Cotton Closed Lower On Wednesday

MCX June Cotton closed lower on Wednesday on profit booking after it touch 21 month high in previous day tracking firm physical demand amid improving exports. Millier and traders ar stocking up for the lean season also supported prices. Till last week, India kharif cotton acreage is 782,000 ha vs 11.2 lakh ha yr ago. India's cotton exports are seen rising around 21% on year to 75 lakh bales (1 bale = 170 kg), backed by depreciation in the rupee and higher international prices of the commodity. According to data from the farm ministry, country had sown cotton across 781,600 ha as on last week for the kharif season, down 30.5% on year. Farmers in top cotton growing states of Gujarat and Maharashtra are yet to begin sowing, while in Punjab, Haryana, Karnataka, and Rajasthan, acreage was lower on year, according to the data.

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