MCX Jun cotton gain 2.6% last week to slow start to sowing progress
ICE cotton futures extended its losses on Friday as speculators trimmed long positions at July
contract led July futures to drop by more than 2.5% on Friday wherein Benchmark Dec contract
settled the day at 65.6 cent/lb down by 0.61% from the previous close. Moreover, reports of negative
export sales during the week ending 13th June also impacted market sentiments negatively.
At domestic front, MCX cotton futures for June delivery traded mixed to higher on Friday as prices
moved up further on account of short covering. However, July delivery futures slumped sharply on
forecast of advancement of monsoon rainfall in major cotton growing region. Calander Spread between
July and June futures reached up to -480 on Friday. Most active June delivery cotton futures traded at MCX settled the day at Rs 22100 per bales almost
unchanged from the previous close wherein July futures closed at Rs.21620 per bales down by 0.32%.
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