Cotton futures are expected to be under pressure: Angel Commodities
According to Angel Commodities, Cotton futures are expected to be under pressure on reports of good sowing progress and higher stock levels in the country.
Angel Commodities' report on Cotton
MCX cotton close with a gain on Friday due to lower level buying but fell 2.7% for the week on anticipation of good production in the next season as sowing progress in the country starts in a brisk manner. As per latest data from Agricultural Ministry, cotton is planted in 16.7 lakh hectares (l ha) till last week, higher by 36.1% compared to last year acreage of 12.25 l ha for same period.
Cotton futures are expected to be under pressure on reports of good sowing progress and higher stock levels in the country. Normal monsoon forecast and higher prevailing price of cotton may encourage farmers to plant more cotton as prices of oilseeds and pulses are at multi year lows.
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