By admin       2018-01-22

MCX Jan Cotton closed higher on Thursday supported by good demand from the mills and traders. However, the prices have corrected by more than Rs. 200 during the end of the session. Market arrivals of cotton in the first three months of the 2017 - 18 marketing season starting October are higher by around 43% over corresponding last year. India cotton traders cancel export deals due to higher local prices� and country could export only 5 million bales, each of 170kg, in� the 2017/18 marketing year started on 1 October � nearly a� quarter below an initial estimate. However, based on the healthy market arrival trend of cotton so� far, the� CAI has maintained the crop size for the 2017 - 18 season� at 375 lakh bales (of 170 kg each) in its latest estimates. Outlook Cotton futures are expected trade sideways on expectation of technical correction at higher levels. Moreover, bearish USDA will also pressurize prices in current week.� However, lower than expected production in the country may keep prices supported at higher levels.

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