Cotton on MCX settled down by -1.05% at 19780

Cotton on MCX settled down by -1.05% at 19780 on subdued demand from bulk consumers and increasing arrivals in domestic market. The US Department of Agriculture (USDA) trimmed India's domestic cotton consumption to 23.25 million bales as compared to 23.75 million bales previous estimates. Waning of demonetization effect amid better price realization at physical market may lead to higher supply in coming days which may result as price correction at futures platform. About 130,000 to 150,000 bales of cotton has been arriving on daily basis which is likely to increase in coming days as overall supply has been lower so far in current season.

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