Cotton On MCX Settled Flat Tracking Weakness

Cotton on MCX settled flat tracking weakness in spot demand as kharif planting of cotton in the country begin on good note.

Cotton sowing in the country commenced on a positive note and rose 33%, a agriculture ministry official said. Cotton sowing in the country rose to 893,000 hectare until May 19 compared to 673,100 hectare in the corresponding period a year ago. 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. India's cotton arrivals across the country during the current cotton year 2016-17 rose to 30.94 million bales up from 30.49 million bales a year ago, said a senior official of Cotton Corporation of India (CCI). This is nearly 87% for the projected output for the current year.

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