By admin       2018-12-14

According to Angel Commodities, MCX Dec cotton closed lower on Thursday tracking weak trend in International prices.MCX Dec cotton closed lower on Thursday tracking weak trend in International prices. However, the prices have been higher this season compared to last season on reports of production cut by the cotton body and USDA. Cotton Association of India (CAI) cuts 2018 - 19 production estimate by 3 lakh bales to 340.25 lakh bales. In its monthly report, USDA cut India's cotton production estimates for 2018 - 19 (Oct - Sep) by 1.79% or 6.41 lakh bales (1 bale = 170 kg) to 352.18 lakh bales on month. In November, it forecast at 358.6 lakh bales. However, market sources sees Cotton output in India could drop 12 % to 32.5 million bales in the 2018/19 marketing year; the lowest in 9 years due to limited rainfall may cut crop yields. As per trade sources, since October deals for the over 25 lakh bales (1 bale = 170 kg) of cotton have been signed, and around 15 lakh bales have already been shipped.

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