Cotton On MCX Settled Down By -0.98% At 21150

Cotton on MCX settled down by -0.98% at 21150 due to improve in arrivals of cotton from major producing belts. Though, some losses were capped on expectation of export demand. Prices of cotton were down on higher supply in the domestic market as Cotton Association of India (CAI) hiked output forecast to 34.1 million bales which is higher by 1% against 33.8 million bales last year. Moreover, estimation of rise in cotton acreages in northern region in view of better price realization in current year kept prices under pressure in near term. As per different market sources, farmers are intended to increase cotton acreages by 20-25% in cotton growing states in northern part of India. Total domestic consumption in the country was forecasted at 29.5 million bales as compared to 29 million bales in the previous year, CAI reported.

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