May Cotton Closed Lower Last Week

MCX May Cotton closed lower last week on steady physical demand and good stock positions with the mills. In its latest press release, Cotton Association of India, retained its estimate for the country's output in 2017-18 (Oct-Sep) at 360 lakh bales (1 bale = 170 kg). Cotton prices are still trading at higher levels for the season tracking firm trend in International markets, higher exports and expectation of lower acreage in the country in next season. Cotton exports from the country are still behind the last year exports volume. As per the data released by Government, country exported 34.1 lakh bales of cotton, down 6.3% during Oct-Feb period compared to 36.4 lakh bales last year same period. India's 2017-18 (Oct-Sep) output has been revised downward by 500,000 bales to 360 lakh bales (1 bale = 170 kg) by recent cotlook report.

ICE cotton closed higher on Friday on bargain buying. It touched their lowest in more than two-weeks as demand outlook from the USDA on Thursday disappointed investors. Managed money added 8,853 contracts to their net long position in cotton futures and options last week to put it at 97,865 on Tuesday. For 2018/19, USDA kept the export figures unchanged from the previous figures at 15.5 million bales. USDA showed a slight reduction to 17/18 production based on classing data and added 500,000 bales to the export total. That trimmed ending stocks to 4.7 million bales.

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