Jul Cotton Closed Nearly Unchanged On Monday

MCX Jul Cotton closed nearly unchanged on Monday due to mixed fundamentals. A sufficient 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 30% on year to 32.2 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.

ICE Cotton fell over 1% on Monday to six-week low on reports of good conditions of cotton and trade tensions between the United States, the world's biggest cotton exporter, and top consumer China. NASS data shows that 42% of the US cotton crop was squared as of Sunday, with the average at 40%. The report showed 12% setting bolls, leading the normal pace of 9%. Cotton conditions showed an improvement on gd/ex ratings to 43%. Monday’s monthly USDA Cotton systems report showed US cotton consumption in May at 2,026 RB, down 1.3% from last year, with stocks at the end of May at 3,561 RB.

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