On MCX Settled Down By -0.91% At 20740



On MCX settled down by -0.91% at 20740 on higher acreages following expectation of normal monsoon amid weak demand. India's cotton sowing jumped 30% during 2017-18 due to higher prices and favourable weather, said agriculture ministry official. Cotton sowing rose to 1.21 million hectare until Jun 2 compared to 939,000 hectare in the corresponding period, agriculture ministry data showed. Additionally, as per the Edelweiss initial report cotton output is estimated to rise by 6.6% to 37 million bales while the acreages is expected to jump by 14%.

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.


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