Cotton On MCX Settled Up By 0.86% At 19950



Cotton on MCX settled up by 0.86% at 19950 due to rising domestic as well as export demand in the spot market. Further, expectation of lower supply from major growing regions also fuelled the uptrend. According to the International Cotton Advisory Committee (ICAC), cotton prices in the global market are likely to decline in the second half of 2016 -17 amid increase in production and steady demand. The ICAC Secretariat has forecast the season-average for Cotlook A Index in 2016-17 (starting October-September) will range between 66 and 83 cents per lb, with a midpoint of 74 cents/lb, which would be 4 cents/lb higher than last season. Global cotton production is expected to increase by 8 per cent to 22.8 million tonnes and global consumption is likely to remain steady at 24.1 million tonnes thereby putting pressure on prices.

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