Cotton on MCX settled down by -0.56% at 19470 as cotton area has been increased this year by 6.62 lakh ha. With harvest season approaching and cotton growers hoping for ‘handsome returns’ this kharif season, there is unpleasant news coming from the other end of the world.
Trading Ideas:
* Cotton trading range for the day is 19380-19620.
* Cotton prices dropped as cotton area has been increased this year by 6.62 lakh ha.
* ICAC noted that global production projected at about 26.8 million tonnes — is expected to slightly outpace global consumption, projected at 26.5 million tonnes
* The US share in China’s total cotton imports fell to 18 per cent in 2018-19, down from 45 per cent in 2017-18, USDA report showed.
* Cotton prices in spot market dropped by 180.00 rupees and settled at 19290.00 rupees.
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