Cotton Settled Up By 0.5% At 15970

Cotton settled up by 0.5% at 15970 due to rising demand from traders and stockists at the domestic spot market. Though, some gains were capped on weak demand from China, once the world's largest importer of cotton. Moreover, recently government decided not to buy further cotton under MSP as prices are higher due to good exports demand. In this season, kapas arrivals in the markets across the country are still on, and less by 20-25% as compared to the last season’s in the same period. 

Around 185 lakh bales have arrived so far. Cotton Advisory Board estimates cotton production at around 33 million bales (170 kg each) for the October 2015-September 2016 crop year against 38 million bales in the previous year.

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