Cotton On MCX Settled Down -0.76% At 20940



Cotton on MCX settled down -0.76% at 20940 as there are ample supplies this season through imports and good stocks available with the farmers. According to trade sources, India’s cotton imports have touched an all-time high of 30 lakh bales this season. USDA forecasts India cotton production for 2017/18 at 6.01 mt, up nearly 6% while area is forecast at 11.5 mhac, up 10% from last year.

The domestic cotton arrivals in April are higher by 49% on year at 2.64 lakh tonnes (lt) compared to 1.77 lt last year, as per Agmarknet data. Sowing of cotton has begun on a strong note in the key growing regions of North India such as Punjab and Haryana, and Southern Karnataka, for the 2017-18 season.

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