Cotton On MCX Settled Up By 0.16% At 19070

Cotton on MCX settled up by 0.16% at 19070 on short covering after prices dropped as country’s cotton production is expected to increase by 3.8% in 2016-17 from a year ago. India exported 0.152 lakh bales of cotton last week (17 -23 October 2016), which was 0.043 lakh bales previous to last week (09 -16 October 2016), according to the data. Cotton output in 2016-17 is likely to rise by 3.8 per cent in from a year ago due to a sharp increase in yield following a favourable monsoon. The Cotton Advisory Board (CAB) in its meeting held estimated cotton output at 35.1 million bales of 170 kg each for the cotton year 2016-17 that started on October 1.

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