Cotton closed higher for the second consecutive week tracking weakness in Rupees and positive movement in International prices. Prices recovered from one and half year lows touched earlier this month due to improving physical demand at lower prices. As on 13th Aug, area in Gujarat under cotton is lagging last year at 26 lakh ha compared to 26.7 lakh ha last year. As per farm ministry report, acreage under cotton in the country was 121.6 lakh ha so far, up from 115.2 lakh ha from a year ago. USDA kept production forecast unchanged for India this month to 29 million bales while the consumption and Exports projections were down by 2% and 4.55% respectively for 2019/20 season. Trade data by Ministry of Commerce indicates that provisional shipments in the month of June 2019 are 88% lower at 60,000 (Vs 5 lakh bales) as compared to last year.
ICE cotton edged up on Friday, hitting a two-week high, supported by hot weather in major cotton growing regions in the United States and expectation of improving export sales. According to weather forecast, dry conditions continue in Texas, with very limited precipitation seen in the next 5 days. Commitment of Traders data for Tuesday showed spec traders in cotton futures and options reduced their net short position to 44,642 contracts.
ICE cotton edged up on Friday, hitting a two-week high, supported by hot weather in major cotton growing regions in the United States and expectation of improving export sales. According to weather forecast, dry conditions continue in Texas, with very limited precipitation seen in the next 5 days. Commitment of Traders data for Tuesday showed spec traders in cotton futures and options reduced their net short position to 44,642 contracts.
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