Cotton On MCX Settled Down By -0.39% At 20660

Cotton on MCX settled down by -0.39% at 20660 on reports of good sowing progress from major growing regions. 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.

The cotton output is estimated at 340.50 lakh bales for 2016-17 crop year, same as March, an industry association said in its April projection. Cotton production stood at 337.75 lakh bales last year, Cotton Association Of India (CAI) said in a release. One bale is of 170 kg. The projected balance sheet drawn by the CAI estimated total cotton supply for the season at 410.50 lakh bales, while the domestic consumption is estimated at 300 lakh bales, which will leave an available surplus of 110.50 lakh bales.

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