ICE cotton futures traded in a limited range on Tuesday as market remained cautious
Cotton prices are likely to trade sideways to down today mainly due to improved supply outlook
supported by rise in imports. India has imported about 9.28 lakh bales of cotton till end of May during
year 2018-19 out of the estimated imports about 31 lakh bales and rest of the imports is likely to arrive
in upcoming weeks. Moreover, picking of sowing activities along with the well progress of monsoon
rainfall could be other factor which may keep prices under pressure in near term.
Moreover, recovery in US dollar index also capped the major upward move in cotton on Wednesday. US
dollar index closed at 96.14 Dec delivery up by 0.17%. ICE cotton futures for Dec delivery settled the
day at 65.72 cent/lb, marginally down by 0.02% from the previous close. At monsoon front, Southwest Monsoon has further advanced into remaining parts of central Arabian Sea,
Konkan & Madhya Maharashtra, some parts of north Arabian Sea and south Gujarat and some more parts
of Madhya Pradesh.
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