Cotton On MCX Settled Up By 1.77% At 20670

Cotton on MCX settled up by 1.77% at 20670 as cotton area in Punjab and Haryana has declined in 2016-17 crop year as farmers shifted to other crops after incurring huge losses due to whitefly pest attack last year. Besides, rising demand from traders and stockists also fuelled the uptrend. Cotton sowing for year 2016-17 has lagged behind by against the last year due to delay in monsoon whereas estimation of fall in cotton acreages could keep supply outlook weaker in upcoming season too. 

About 3.05 million hectare of land was sown under cotton across India till Jul 1 down by 50% on year as 6.01 million hectares was sown under cotton during corresponding period of last year. Larger acreages of cotton are likely to shift to other cash crop especially pulses due to better realization expectations. According to the International Cotton Advisory Committee (ICAC), global area under cotton is expected to contract by one per cent to 31 million hectares in 2016-17, the area in India is expected to expand by one per cent to 12 million hectares in 2016-17.

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