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Cotton futures are expected to trade down: Bonaz Commodities

According to Angel Commodities, Cotton futures are expected trade down on reports of good sowing progress, steady physical demand, reports of higher stock levels and normal monsoon forecast may pressurize prices.
Cotton futures on MCX continue to trade under pressure for the third consecutive session on Tuesday on reports good progress of cotton in north India. As per latest data from Agricultural Ministry, cotton is planted in 12.18 lakh hectares (l ha) as on 2 nd June, higher by 29.7% compared to last year acreage of 9.40 l ha for same period.
Outlook Bonaz Capital
Cotton futures are expected trade down on reports of good sowing progress, steady physical demand, reports of higher stock levels and normal monsoon forecast may pressurize prices. As per ICAC, India is forecast to expand by 7% to 11.3 million hectares, and assuming yield is similar to the 4-year average of 528 kg/ha, production could increase by 3% to 6 mt in 2017/18.INA000003197