June Cotton Corrected on Thursday

MCX June Cotton corrected on Thursday as prices have been traded in a narrow range due to mixed fundamentals. 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. There are reports of good export demand and lower pace of kharif sowing in the country. 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.

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