Cotton On MCX Settled Up By 0.49% At 20630

Cotton on MCX settled up by 0.49% at 20630 due to improved demand from traders and stockists at the spot market. Though, some gains were capped on anticipation of higher sowing acreage in the country. According to CCI, about 288 lakh bales of cotton arrivals were recorded till 20th April. 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 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.

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