CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 18 June 2019

ICE cotton futures reversed its losses on Monday as prices inched up on rolling over of positions

  CAPITALSTARS INVESTMENT ADVISOR

US cotton production during year 2019-20 was estimated at 22 million bales of 480 lb each against the consumption of 3.10 million bales wherein exports and ending stocks were projected at 17 million bales and 6.40 million bales respectively. Cotton production is US during year 2019-20 is estimated to be higher by 20% y/y wherein export is likely to increase by 15% y/y. Most active Dec delivery cotton futures traded at ICE closed the session at 66.52 cent/lb up by 0.93% from the previous close.

Cotton prices are likely to trade on mixed note today could find strong resistance near Rs.21950 per bales levels. Prices are moving up due to technical buying amid growing concerns over delayed sowing in central region. Cotton market is keenly watching the progress of monsoon rainfall and sowing progress to react accordingly.

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