Cotton On MCX Settled Up By 0.29% At 20520

Cotton on MCX settled up by 0.29% at 20520 on short covering after prices dropped as arrivals have improved in the physical market. About 185.9 lakh bales of cotton have arrived in the domestic market. Maharashtra is leading the arrivals figures at 51 lakh bales followed by Gujarat at 42 lakh bales. Moreover, India has exported around 2.5 million bales so far in the 2016/17 season that started on Oct. 1. In 2015/16 India exported 6.9 million bales, but this year exports could fall 28 % to 5 million bales. India's cotton arrivals falls 5% to 12.83 million bales until Jan 19 on late commencement of supplies though output for the 2016-17 is expected to higher. Last year arrivals till date stood at 13.51 million bales, according to CCI (Cotton Corporation of India) data. Cotton inflow in north India (Comprising Punjab, Haryana and Rajasthan) grew to 2.67 million bales from 2.18 million bales a year ago. Maharashtra and Madhya Pradesh cotton arrivals recorded marginal rise but in Gujarat fell 13.7% to 27.75 million bales.

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