Cotton On MCX Settled Down By -1.18% At 19300

Cotton on MCX settled down by -1.18% at 19300 after government estimated higher production estimates for 2016-17. Buying activities are subdued in physical market while export demand is also negligible at current time which may weigh on cotton prices. In the meanwhile, ongoing border tension between India and Pakistan put pressure on Indian cotton prices as talks on withdrawal of Most Favoured Nation (MFN) status to Pakistan may affect export supply adversely as Pakistan emerged as one of the major Indian cotton importer in recent years. Despite lower area coverage, higher productivity of Cotton has resulted in to higher production of 32.12 million bales (of 170 kg each) as compared to 30.15 million bales during 2015-16, government data showed.

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