Cotton on MCX settled up by 0.52% at 21230 tracking deficient rain in main cotton growing districts in Gujarat. According to IMD, monsoon rain this season is down by 30% to 70% in Suarashtra region which may severely affect cotton grown in the area. Area in Gujarat under cotton is higher by 64% as on 12-Jul-19 at 18.76 lakh ha compared to 11.44 lakh ha last year.
Trading Ideas:
* Cotton trading range for the day is 20990-21390.
* Cotton prices gained tracking deficient rain in main cotton growing districts in Gujarat.
* India cotton sowing 96.35 lakh hac vs 92.70 lakh hac year ago.
* Around 61% cotton crop has been sown in AP and the area slide down to 1.55 lakh ha 0.32% less compared to 2.28 lakh ha in 2018-19
* Cotton prices in spot market dropped by 50.00 rupees and settled at 21290.00 rupees.
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