On MCX Settled Up By 0.15% At 19970

On MCX settled up by 0.15% at 19970 on short covering after prices dropped on report on diminishing physical demand on anticipation of good production in the next season as sowing progress is good in the country. As per latest data from Agricultural Ministry, cotton is planted in 16.7 lakh hectares (l ha) till last week, higher by 36.1% compared to last year acreage of 12.25 l ha for same period. As per ICAC, Cotton area in India is forecast to expand by 7% to 11.3 million hectares, and production could increase by 3% to 6 mt in 2017/18.

According to the official figures, cotton has been sown on 16.67 lakh hectares, 2017 across the country compared to 12.25 lakh hectares during the same period previous year. Acreage under cotton has jumped around 30 per cent as farmers in Haryana, Punjab and Karnataka have increased the area on better price during the previous season. India's cotton exports in the year ending September are already at around 5.2 mln bales, well above the Cotton Advisory Board's estimate of 5.0 mln bales for the whole year, though lower than 6.9 mln bales the previous. As per the latest report by USDA, India is expected to produce 6.09 million tonnes of cotton in 2017-18 which is 5.7% higher than the cotton produced last year in 2016-17.

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