Cotton On MCX Settled Up By 0.24% At 20820

Cotton on MCX settled up by 0.24% at 20820 on lower output in the domestic market and demand hope from China. Cotton Advisory Board (CAB) trimmed its domestic fibre output forecast to 34 million bales as compared to previously estimated 35.1 million bales. The forecast was trimmed on output concerns from southern state of Andhra Pradesh and Tamil Nadu due to drought conditions. Moreover, cotton spinners in India are considering output cuts during the current financial year to sustain profit margins. 

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