Cotton on MCX settled down by -1.49% at 19210

Cotton on MCX settled down by -1.49% at 19210 tracking weakness in spot demand amid profit booking after prices gained on lower output estimates for 2015-16. Moreover, in the kharif sowing progress data released by Government pegged only 9.87 lakh hectares in current season compared to 14.30 lakh hectares last year. Both the Union government and the trade expect cotton acreage to shrink by about 5-7 per cent over last year’s 118 lakh hectares (lh). 

Currently, CCI is actively auctioning cotton bales from its reserves to keep the supplies adequate. Delayed arrival of monsoon could affect the cotton acreage in the key growing regions of Central and South India. Moreover, scare of pest attacks such as whitefly and pink bollworm, which caused major losses to farmers last year and the attempts by some State governments to wean away farmers from cotton could shrink the acreage of the fibre crop this kharif season.

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