MCX Oct Cotton closed more than 1% down on Monday tracking weak International prices coupled with higher acreage in the country. This is second fall of more than 1% in a week to currently trading at two weeks low. 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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