Cotton On MCX Settled Up By 1.54% At 22470

Cotton on MCX settled up by 1.54% at 22470 due to rising demand from traders and stockists at the domestic spot market. Further, expectation of lower production in the next season also fuelled the uptrend. To increase the physical supplies, government decided that the Cotton Corporation of India (CCI) will sell its existing stock purchased under minimum support price to MSME spinning mills on account of recent spurt in cotton prices. The Cotton Advisory Board (CAB) has lowered crop production estimate by 12 % to 338 lakh bales (lb) in 2015-16 against 386 lb last year but estimated a comfortable cotton supply position of 43 lb for the cotton season of 2015-16.

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