Cotton On MCX Settled Up By 0.94% At 18260

Cotton on MCX settled up by 0.94% at 18260 on concern about excess rains in cotton growing areas in Gujarat. However, good progress in cotton sowing in the country limited the upside. As per latest data from Agricultural Ministry, cotton is planted in 104.1 lakh hectares (l ha) till last week, higher 20% compared to last year acreage of 86.6 lakh ha for same period. The Cotton Association of India has increased its estimate for India's cotton output in the year ending September to 33.7 mln bales (1 bale = 170 kg), the association said in its June report.

In its May report, the association had projected the country's cotton crop at 33.6 mln bales. In the latest report, the association has increased its forecast for cotton import by 8% to 2.7 mln bales, while estimates for mill consumption was left unchanged at 27.0 mln bales. The association has estimated cotton exports in 2016-17 (Oct-Sep) at 6.3 mln bales, compared with 6.0 mln bales projected in May. Speculators reduced their bullish stance in cotton by 5,761 contracts to 15,060 contracts, the data showed.

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