Cotton On MCX Settled Flat

Cotton on MCX settled flat amid expectation of better production as acreage have improved in major growing regions of Gujarat and Maharashtra, capped some gains. During the off-season, CCI auction its existing stock purchased under minimum support price to MSME spinning mills. Cotton planting in the country is likely to fall to the lowest in seven years in the 2016-17 due to shift to pulses and oilseeds by farmers. Cotton production in the country is expected to hit a seven-year low in 2016-17 because of a reduction in the area under cultivation and pest attacks in top producer states. Imports may see a new high this fiscal as the overall area where cotton has been sown has declined.

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