MCX
Jul Cotton Closed Lower On Thursday Due To Profit Booking
ICE cotton closed lower on dismal export data. USDA Export Sales
report showed just 72,044 RB of 18/19 upland cotton sold in the
week of June 20. While the US exports were tallied at 322,603 RB,
down 12.28% from the same time last year.
The Cotton Advisory Board, estimated (provisional) cotton
production this season (Oct 2018 to Sep 2019) to be 337 lakh
bales of 170 kg each. Import of cotton in the 2018-2019 cotton
season is expected to be 22 lakh bales, almost seven lakh bales
higher compared with the previous season.
In the current season, we see higher imports of about 31 lakh
bales due to higher domestic prices. As per DGCIS, exports of
cotton from India is down by 27% in first 3-months of 2019
compared to last year while imports up by 12%.
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