Cotton On MCX Settled Up By 1.14% At 19550

Cotton on MCX settled up by 1.14% at 19550 due to improved demand from traders and stockists in the spot market. Though, expectation of higher production from major producing belts capped some gains in cotton prices. Cotton output in 2016-17 is expected to rise to 35.1 million bales from 33.8 million bales last year, the Cotton Advisory Board said. However, total supply in the country for 2016-17 is expected to fall by 3% to 41.1 million bales on lower opening stock. India opening stock for 2016-17 stood at 4.3 million bales as compared to 6.6 million bales last year. Imports are also expected to fall this year to 1.7 million bales as compared to 2 million bales previous year.

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