Thursday 27 June 2019

CAPITALSTARS THURSDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 27 JUNE 2019

ICE cotton futures moved up more than 1% on optimism over ease of trade dispute between US and China.


Market participants covered their short positions in view of scheduled meeting between US president Trump and Chinese President Xi in G20 summit under which they might resolve the trade dispute between them. Most active Dec delivery cotton futures moved up by 1.08% and closed the day at 66.43 cent/lb. At domestic front, MCX cotton futures for July bounced back on Wednesday following firmness in ICE cotton futures. Moreover, adverse weather condition for planting progress in central region also helped prices to trade on positive bias. Calander Spread between July and June futures reached up to -600 on Wednesday. Most active July delivery cotton futures traded at MCX settled the day at Rs 21720 per bales higher by 1.59%

However, cotton planting has been higher in Gujarat by 29% y/y as about 7.67 lakh hectare of area was sown under cotton till 24th June in Gujarat compare to 2.41 lakh hectare of prior year. Farmers in northern region of India has shown good interest to cultivate cotton over the other commercial crop due to better realization thereby overall acreages of cotton in northern states like Punjab, Rajasthan and Haryana has increased during year 2019-20 

CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY  -

0 comments:

Post a Comment