Cotton On MCX Settled Down By -0.37% At 21800

Cotton on MCX settled down by -0.37% at 21800 due to weak demand from traders and stockists at the spot market. Currently the prices were under pressure due to poor buying interest from textile mills as CCI has decided to sell procured cotton. The Cotton Advisory Board (CAB) has lowered crop production estimate by 12 % to 338 lakh bales (lb) in 2015-16 against 386 lb last year but estimated a comfortable cotton supply position of 43 lb for the cotton season of 2015-16. Cotton sowing in Gujarat, major fibre producing state, slumped by 20% to 2.42 million hectares up-till Jul 25 on late arrivals of monsoon. 

Total cotton sowing till Jul 25 at 2.42 million hectares compared to previous year sowing of 2.03 million hectares with rainfall average at 25.92% as compared to 30.99% previous year. Cotton sowing in Amreli up till Jul 25 at 355,800 hectares compared to 326,800 hectares a year ago with rainfall average at 30.86% as compared to 78.52% same period last year. Fibre planting in Surendranagar up till Jul 25 at 266,500 hectares compared to 287,100 hectares a year earlier with rainfall average at 16.88% as compared to 34.25% same period last year.

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