Cotton prices to trade sideways today: 23 July 2018
According to Sources, MCX Oct Cotton edged lower on Wednesday tracking International cotton prices. Currently cotton is trading above 23,000 levels on reports on cut in production prospects by the cotton body.
Sources report on Cotton
MCX Oct Cotton edged lower on Wednesday tracking International cotton prices. Currently cotton is trading above 23,000 levels on reports on cut in production prospects by the cotton body. The USDA’s FAS has projected India's cotton production to decline 1.7% on year to 365 lakh bales (1 bale = 170 kg) due to delay in monsoon rains and fall in acreage. Cotton acreage till last week was down by 4 % on year to 111.3 lakh hac compared to 117. 1 lakh ha last year, according to the farm ministry data. As per Commerce ministry data, cotton exports in June surged by 27.6% to 5.7 lakh bales as compared to last year. India is likely to export 70 lakh bales of cotton in 2018/19, down 30% from an earlier estimate due to low crops. India has so far contracted to export around 6 lakh bales to China, which has imposed sanctions on shipments from top exporter the United States.
Outlook
Cotton futures are expected to trade sideways due to improving acreage and weather conditions in top cotton growing states - Gujarat and Maharashtra. However, reports of pest attack may restrict production prospects.
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