June Cotton Edged Higher



MCX June Cotton edged higher on reports of good exports demand for cotton exports for the next season. As per CAi, cotton exports may jump by 43% to over 100 lakh bales in 2018/19 season. Currently it is traded at 22 months high on reports of lower stocks and good exports demands. Recently, CAI cut its estimate for 2017-18 (Oct-Sep) closing stock to 16 lakh bales from 21 lakh bales seen in April. Moreover, In its balance sheet for the 2017-18 cotton season, CAI has estimated total cotton supply the till September 30 at 410 lakh bales. This includes the opening stock of 30 lakh bales in October 2017. Domestic consumption has been higher, at 324 lakh bales, while exports, at 70 lakh bales, are higher than earlier estimates of 50-55 lakh bales.

ICE Cotton settled with little gain for the second consecutive day on Thursday as investors rolled over their positions from the July contract to the December contract amid a supportive weekly export sales report from the USDA. Exports of cotton were 459,935 RB in the first full week of June, up 3.62% from 4 week average. Overall the exports have been 5% higher than the last year exports. On Thursday, China announced they have approved 800,000 MT (3.673 million 480-lb bales) for additional import quota of cotton in 2018. During the current quarter (Apr-Jun) prices have surged about 18% on concerns of dry weather in West Texas, a major producing region and trade war with China.

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