Cotton On MCX Settled Up By 1.65% At 21550

Cotton on MCX settled up by 1.65% at 21550 on lower supplies in domestic market. Tighter supply of cotton in spot market amid expectation of delay in fresh arrivals in upcoming season due to late sowing in central region is likely to support the bullishness of cotton in coming days. The International Cotton Advisory Committee (ICAC) has revised downwards its forecast of India's cotton output for 2016-17 (October-September) to 6.3 million tons from 6.5 million estimated in June. Also, delayed in cotton planting has been a major concern for cotton traders since past 20 days.

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