MCX Jun cotton edged lower on Monday on reports of good start to cotton planning in Gujarat.
Gujarat area under cotton is higher
by 15% as in 17th June 2019 at 1.61 lakh hac. However, as per
farm ministry report, acreage under cotton in the country was
18.18 lakh ha so far, lower than 20.68 lakh ha from a year ago.
Recently, CAI has projected cotton exports at 46 lakh bales (Vs 69)
due to higher prices and smaller crop size.
ICE cotton closed edged higher on Monday, supported by a
weak U.S. dollar and anticipation of positive trade outcome in G20 meeting. The presidents of the United States and China are set
to meet next week in Japan and markets are hopeful the world's
two biggest economies could see an end to their long-standing titfor-tat tariff dispute. NASS indicated that cotton planting is
wrapping up, with 96% completed vs. the 98% average pace.
Outlook
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