Cotton On MCX Settled Up By 0.39% At 20710

Cotton on MCX settled up by 0.39% at 20710 on short covering after prices dropped amid the reports of higher supplies this season th. According to CCI, about 288 lakh bales of cotton arrivals were recorded. 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. As per CAI, the arrivals during March 2017 are higher than that of the corresponding month during last year. Cotton output in Haryana, among the largest producers of the cash crop, is estimated to surge 106% on year to 2.04 mln bales (1 bale = 170 kg) in 2016-17 (Jul-Jun) due to a better yield, according to the third advance estimate shared by an official from the state's farm department. Cotton output in the state had fallen last year after the crop was attacked by white fly. The yield of cotton is seen rising to 609 kg per ha from 274 kg in 2015-16, the data showed.

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