According to Angel Commodities, MCX cotton closed lower on Thursday tracking subdued demand and higher supplies in the domestic market.
Angel Commodities' report on Cotton
MCX cotton closed lower on Thursday tracking subdued demand and higher supplies in the domestic market. Cotton slipped to 11-month low last week tracking due to subdued demand from the Industrial users. Currently, prices higher compared to last year on reports of lower than expected production prospects in the Country. In second advance estimate, government forecast cotton production at 300 lakh bales. FAS Mumbai estimates marketing year (MY) 2018/19 production at 27.3 million 480-lb bales (35 million 170-kg bales/6 mt), which is 300,000 480-lb bales higher than the official USDA estimate.
Cotton futures expected to trade sideways due to lower demand from the bulk industrial buyers. Higher cotton stocks with farmers and fear of imports may keep prices under pressure in coming weeks.
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