Cotton On MCX Settled Up By 3.91% At 23650

Cotton on MCX settled up by 3.91% at 23650 as cotton output is likely to decline 12.4 per cent to hit the lowest in five years for the current crop year (October 2015–September 2016), due to crop damage in major producing states of India. The Cotton Advisory Board (CAB) has lowered the forecast and now estimates the output at 33.8 million bales (a bale is 170 kg) for the current crop year, as against 38.6 million bales the previous year.

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