MCX Cotton closed higher on Monday tracking heavy rains in cotton growing regions of Saurashtra in Gujarat. However, good progress in cotton sowing in the country still bearish for cotton. As per latest data, cotton is planted in 90.1 lakh hectares (l ha) till last week, higher 23% compared to last year acreage of 74 lakh ha for same period. USDA in its latest monthly report increase the production forecast by 1.28 million bales.

Outlook

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

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