MCX Dec Cotton close with gains on Tuesday on lower arrivals and expectation of fall in domestic output due to pink boll-worm attacks in some states. Moreover, higher bonus given to Gujarat farmers also support prices.
Cotton Advisory Board expects India's cotton output in the year started October to rise 9% to 377 lakh bales (1 bale = 170 kg) due to an increase in acreage and possibility of a high yield in Rajasthan. In 2016-17 (Oct-Sep), India's cotton output was 34.5 lakh bales. However, the farm ministry's estimate for the current season is lower at 322.7 lakh bales, compared with 330.9 lakh bales a year ago.
Outlook
Cotton futures are expected trade positive on lesser than expected arrivals volumes and reports of loss in production due to pest attack in three biggest cotton growing states. Moreover, good physical demand from the mills and traders and commencement of procurement by CCI may keep prices supportive.
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