Saturday, 2 April 2016

Cotton Market Review and News Highlights

MCX Cotton futures are expected to trade sideways during today’s session may track mixed sentiments of spot market. Slower trading activities featured in spot market and unclear trend of cotton may keep the market sentiments confused in near term. Emerging demand of cotton in domestic market amid tightening of arrivals could be the supportive factors for cotton prices to some extent.

Pakistan has been the largest buyer of Indian cotton during current season but export demand from Pakistan may fade in coming days as Pakistan has already imported huge quantity of cotton to meet its domestic requirement. From global front, Total planting area under cotton in US may stand at 9.562 million acres, up 11.4% from 8.581 million acres last year as per planting intention report released by USDA on yesterday. Upland area is estimated at 9.347 million acres, up 11% from 8.422 million in 2015, and Pima plantings are forecast at 215,000 acres, up 35.6% from 159,000 acres.
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