MCX Cotton continues to trade on positive note and closed higher for third consecutive week on concern over loss due to heavy rains. Moreover, industry sources believe that India's cotton yield may decline on whitefly, pink bollworm attacks. A substantial cotton area came under whitefly attack in Punjab and Haryana, pink bollworm was reported to have attacked standing crop in Maharashtra, Andhra Pradesh and Gujarat. However, as per latest data from Agricultural Ministry, the area under cotton was at 117.1 lakh ha, up 18.3% on year.

Outlook

Cotton futures are expected trade sideways to lower on expectation of further corrections due to weak international prices on reports of good production worldwide. However, crop damage from heavy rains in cotton growing areas of Gujarat coupled with pest attack noticed is still concern.

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