June Cotton Closed Lower For The Second



MCX June Cotton closed lower for the second consecutive session tracking weak trend in International market. But prices are at higher level on reports of good export demand and lower pace of kharif sowing in the country. A higher stock in the country and higher expected cotton exports to China from India may increase fivefold in coming cotton season is keeping prices sideways. Cotton acreage till last week was down by 16% on year to 20.7 lakh hac, according to the farm ministry data. The fall in area of cotton was mainly due to delay in arrival of monsoon over Gujarat, one of the largest growers of the commodity. According to commerce ministry data, cotton exports in April is about 8.23 lakh bales, up by 86.13% on year. Exports for the season are only higher by7% at 51.21 lakh bales in cotton year 2017/18 started on October. Bangladesh (19.2 lakh bales), Pakistan (9.6 lb) and Vietnam (9 lb) are the top cotton export destination in CY 2017/18.

ICE Cotton fell on Tuesday on worries on exports demand to China, and increased rain in major producing region West Texas. Planted acreage report is expected to show cotton acreage for 2018 at 13.781 million acres, 312,000 more than March and a 1.169 million acre jump from last year. NASS reported the US cotton crop was 32% squared vs. the average at 28% and 6% setting bolls. CFTC data showed managed money trimming the cotton net long position by 7,673 contracts to a net position of 81,238 contracts. The weekly AWP was updated to 78.23 cents/lb for this next week, down 476 points from the week prior.

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