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
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