Cotton On MCX Settled Down By -0.99% At 21090

Cotton on MCX settled down by -0.99% at 21090 on profit booking after prices surged recently due to lower output and strong demand. According to USDA, cotton weekly export sales for the current marketing year for the period ending February 16th totaled 367,200 running bales. Sales increased by 65 percent compared to previous week and by 21 percent compared to four week average. The Cotton Association of India (CAI), the apex trade body for the sector, has maintained the crop estimate for 2016-17 season at 341 lakh bales of 170 kg each in its latest estimates for January, same as that in the previous month. However, it expects the consumption of the fibre to increase marginally in the year ahead on pick-up in demand.

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