MCX cotton edged higher for the 11 th consecutive session and climb to 3-week high on Tuesday to close at 21,140 rupees per bale due technical buying by the market participants. October contract on MCX closed at 19,870 per bale. As on 19th Aug, area in Gujarat under cotton is lagging last year at 26.3 lakh ha compared to 26.9 lakh ha last year. As per farm ministry report, acreage under cotton in the country was 121.6 lakh ha so far, up from 115.2 lakh ha from a year ago. USDA kept production forecast unchanged for India this month to 29 million bales while the consumption and Exports projections were down by 2% and 4.55% respectively for 2019/20 season. Trade data by Ministry of Commerce indicates that provisional shipments in the month of June 2019 are 88% lower at 60,000 (Vs 5 lakh bales) as compared to last year.
Source: moneycontrol.com