Today’s flash-in-the-pan rally might continue if we get a positive surprise in tomorrow’s export sales release. However, technically were are still in a bearish trend and unless we get a move above 77 cents in May, we are going to treat this as another bear market rally.
MCX As on 20-Feb-2019 Total Utilized Capacity = 1,79,103 Bales Eligible for Exchange Delivery = 1,34,900 Bales Quantity in Process = 39,300 Bales Rejected Stocks = 4,203 Bales
NCDEX As on 21-Feb-2019 Cotton Seed Oil Cake Stock Unencumbered = 48,628 MT Pledged = 5,213 MT QTY in Process = 1,857 MT
Cotton futures scale 2 – week peak on possible U.S. – China trade deal
ICE cotton futures on Thursday jumped more than 2 percent to hit their highest level in two-weeks on a report about a potential breakthrough in the U.S.-China trade dispute.
The most active cotton contract on ICE Futures U.S., the May contract , settled up 1.85 cent, or 2.56 percent, at 74.01 cents per lb.
India – The cotton Corporation of India (CCI) published its all Indian arrival report for 2018/19 season, whereby arrivals are pegged at 17.88 million bales till 8th of February 2019. As per market sources, CCI has procured above 0.85 million bales in the ongoing season, mainly attributed to weak prices which are trading below the Minimum Support Price. Yet, CCI expects procurement to reach 1.50 million bales by the end of the current season. However, for obvious reason the future market will define that final number.
.JPG "Gujarat Cotton Pressing Summary")
