Cotton On MCX Settled Up 0.11% At 18820

Cotton on MCX settled up 0.11% at 18820 on short-covering after Pakistan lifted ban on Indian imports amid increasing arrivals in local mandis. Pakistan has lifted ban on agricultural commodity imports clearing the way to Indian traders to export cotton to its neighbour. Pakistan was one of the largest buyers on Indian cotton last year imported about 2.7 million bales last year. Arrivals of cotton equivalent were pegged at 188,000 bales against 180,000 bales in its previous trading session. Arrivals are improving post demonetisation with farmers accepting cheque payment. For the current season, cotton arrivals in the country are pegged at 45.43 lakh bales (lb) as on 27 November, 2016. As per Agmarknet data, during November about 34 lakh bales has arrived in the country.

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