Cotton On MCX Settled Down By -0.34% At 20660

Cotton on MCX settled down by -0.34% at 20660 after the reports of higher arrivals and sufficient stocks position in the country following a good production outlook in current as well as coming season. Pressure also seen due to much improved import data coupled with lower than anticipated exports potential from the country during the present cotton year, which started in October 2016. The monthly data released by the U.S. Department of Agriculture (USDA) showed estimated India stocks ending 2016/17 at 2.72 lakh tonnes (160 lakh bales of 170 kg each) as against an outlook of 2.59 lakh tonnes (52.4 lakh bales) in its report last month. The USDA raised imports projection by 129,412 bales to 29.47 lakh bales, which is 4.6% higher on month and 115% higher compared to than the last year imports.

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