MCX Cotton futures closed at Rs. 18, 610 per bale on Thursday after touching a high of Rs. 18,760 per bale. Cotton has lost most of its gain in the evening tracking International prices. As per CAI, cotton market is beginning to show signs of pressure as there is going to be a lot of cotton the world over. In spite of reports of losses due to recent hurricanes in the US cotton belt, the size of the US crop is expected to be larger. Indian acreage for the current season (October 2017-September 2018) is expected to jump by about 12% compared to last year.

Outlook

Cotton futures are expected trade sideways to higher on reports of lower than expected crop size and improved exports demand for Indian cotton. However, expectation of good production and carryover stocks for the next season may keep domestic prices steady during the arrival seasons.

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