Cotton On MCX Settled Up

Cotton on MCX settled up 0.51% at 17580 as US cotton production estimate was reduced this month to 12.87 million bales. Though, some gains were capped on weaker import demand from China. Besides, expectation of cotton production to go up by as much as 11% in major producing belts of Maharashtra also fuelled the downtrend. More the 80% of cotton arrivals of current season has touched the market whereas rest of the arrivals is likely to come in next 5 months of current season which could be the more demanding from quality front as market is facing shortage of quality cotton.

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