Cotton On MCX Settled Down By -2.85% At 22820

Cotton on MCX settled down by -2.85% at 22820 due to weak demand after constant rise in the price during this month. Though, some losses were capped as cotton acreage in the country is likely to fall to the lowest in seven years in the 2016-2017 as farmers in key growing area of Gujarat, Maharashtra and Telangana may switch to other crops. India's cotton output is likely to fall by 12.4% in 2015-16 on pest infestation in Punjab and Haryana and lower yield on weak monsoon rains. Cotton output in 2015-16 will likely fall to 33.8 million bales from 35.2 million bales previous estimates and 38.6 million bales last year, the Cotton Advisory Board said after its meeting. Total cotton acreage in 2015-16 is estimated at 11.91 million hectares as compared to 12.84 million hectares a year ago.

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