Cotton On MCX Settled Up By 0.21% At 18900

Cotton on MCX settled up by 0.21% at 18900 on limited supply of good quality cotton from major producing belts. There are reports of lesser sowing area in major producing belts of Punjab and Haryana. Similarly, Telangana farmers advised to sow less cotton this season. Cotton acreage is likely to drop by 20% in season 2016-17 in Punjab and Haryana compared to last season as farmers opt for other kharif crops after bearing heavy crop damage due to whitefly pest attack in the last season. As per CCI, cotton supplies in Indian spot markets fell 12.5 percent compared with last year to 302.4 lakh bales of cotton have arrived in domestic market between Oct - April.

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