Cotton On MCX Settled Up By 0.14% At 21030

Cotton on MCX settled up by 0.14% at 21030 tracking firmness in spot prices on short covering after prices dropped on reports of good progress of sowing. 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 here.

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.

The arrival of cotton during April is estimated at 30.75 lakh bales compared to 22.25 lakh bales arrived during the same month last year, CAI said. India's cotton sowing during 2017-18 rose 27% to 1.12 million hectare until May 26 thanks to prevailing higher prices in the country, an agriculture ministry official said.

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