By admin       2018-03-23

MCX Cotton surged higher for the second consecutive day on reports that cotton planting in India could fall about 12 % in 2018/19 on anticipation that farmers may slashed cotton acreage due to fear of infestation of pink boll worm. Moreover, CAI has lowered its estimated cotton production for the 2017 - 18 to 362 lakh bales of 170 kg each from 367 lakh bales estimated in February. The CAI has pegged India’s cotton exports at 55 lakh bales in the ongoing 2017 - 18 cotton year (Oct - Sept ) as against 63 lakh bales a year ago while domestic consumption at 330 lakh bales, which are 10 lakh bales higher than in February. Outlook Cotton futures are expected trade sideways to higher on reports of less acreage next year in India. Moreover, arrivals have improved due to persistent good price during the season. Higher than expected imports and lower exports may also keep sufficient stocks in domestic market.

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