Cotton On MCX Settled Up 2.36% At 19970

Cotton on MCX settled up 2.36% at 19970 due to improved demand in the spot market against restricted arrivals from producing belts. Meanwhile, nationwide, daily seed cotton arrivals are estimated at roughly 58,000 lint equivalent bales (170 kgs), including 15,000 from Gujarat and 8,000 from Maharashtra. Also, imports have continued to pour in unabated, first 10 days of October has registered close to 160,000 bales. According to the recent report by USDA released this month, by 2017 US cotton surplus estimates are likely to be lower by 12% than projected last month amid increasing prices and larger-than-expected purchases in China.

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