Cotton On MCX Settled Down By -0.63% At 18810

Cotton on MCX settled down by -0.63% at 18810 due to sluggish demand from traders and stockists at the spot market. Though, expectation of low output from major producing belts of Gujarat due to Pink bollworm attack, capped some losses in cotton. Cotton production prospects are good for market year 2016/17 though arrivals are delayed. As per latest release by CAI, the total supplies of cotton in the domestic market during 2016/17 will be lower at 408 lakh bales compared to 427 lakh bales as compared to last year supplies due less carry over stock and imports. For the current season, cotton arrivals in the country are pegged at 45.43 lakh bales (lb).

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