June Cotton Continues



MCX June Cotton continues to trade higher for the fifth consecutive day on Tuesday to touch 21 month high tracking firm physical demand amid improving exports. Moreover, with arrivals slackening at the fag end of the season, cotton prices have firmed up. 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.

ICE Cotton traded limit up and touched a four-year high on Tuesday, boosted by mill fixations and worries over unfavorable weather conditions in the US and China. Dry West Texas, and new crop production problems (due to weather concerns) in India, Pakistan and China are supporting the December contract. According to COT report, Spec funds in cotton futures and option added 2,231 contracts to their net short position of 91,491 contracts as of Tuesday. China sold another 30,008 MT of cotton offered at an auction of state reserves on Thursday.

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