MCX Cotton traded in a narrow range and closed higher on Wednesday as market participants are still assessing the loss of cotton due to heavy rains in Gujarat. However, good progress in cotton sowing in the country capped further gain. As per latest data from Agricultural Ministry, cotton is planted in 111.2 lakh hectares (l ha) till last week, higher 20% compared to last year acreage of 92.3 lakh ha for same period.

Outlook

Cotton futures are expected trade sideways to higher on reports of heavy rains in cotton growing areas of Gujarat coupled with good physical demand in the country. However, sufficient stocks good acreage in the country may keep the prices in a range.

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