Moneycontrol Be a Pro
Get App
Last Updated : Mar 01, 2019 11:06 AM IST | Source: Moneycontrol.com

Cotton prices to trade sideways due to lower demand from the bulk industrial buyers: Angel Commodities

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.


Outlook


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.


For all commodities report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Mar 1, 2019 11:06 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant