Cotton On MCX Settled Up By 1.13% At 18780

Cotton on MCX settled up by 1.13% at 18780 on concern over loss due to heavy rains. Moreover, as per farm ministry, incidents of pink bollworm attacks have been reported in many parts of key cotton growing areas in south India and Gujarat. However, good progress in cotton sowing in the country capped further gain. As per latest data from Agricultural Ministry, cotton is planted in 114.3 lakh hectares (l ha) till last week, higher 18.2% compared to last year acreage 96.5 lakh ha for same period.

Notwithstanding crop damage due to floods in Gujarat, the largest cotton producing state, India’s cotton output in the forthcoming 2017-18 season starting October is seen increasing by 10-15 per cent on rise in acreage across the country. Besides, a favourable monsoon in most parts of key growing states such as Maharashtra and Andhra Pradesh, and in North India, is aiding the output.

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