Cotton On MCX Settled Down By -0.71% At 21100



Cotton on MCX settled down by -0.71% at 21100 due to reports of higher supplies from major producing belts. Besides, weak domestic as well as export demand also fuelled the downtrend. 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. Buoyed by the high prevailing prices, farmers are seen bringing in a larger area under the fibre crop and the seed industry expects acreages this year to increase by up to a fifth over the previous year.

As farmers prepare fields for kharif sowing, the government is considering increasing the minimum support price (MSP) of cotton by Rs160 per quintal to Rs4,320 for the 2017-18 crop year beginning July. It is also planning to promote Bt cotton variety developed by the government research body ICAR and expects increased area coverage and better output on hopes of good southwest monsoon that has already hit Kerala in advance.

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