Cotton On MCX Settled Up By 0.35% At 20020

Cotton on MCX settled up by 0.35% at 20020 due to rising domestic as well as export demand in the spot market. Besides, expectation of lower production from major growing regions also fuelled the uptrend. Cotton acreage fell down to about 103 lakh hectares in 2016-17 from 116 lakh hectares in 2015-16, resulting in a drop of production to 351 lakh bales from 338 lakh bales during the period. In 2016 kharif season, all India cotton acreage was reported at 102.79 lakh hectares compared to116.41 lakh hectares during the previous season loosing around 20 per cent area to pulses.

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