Cotton Trading Range For The Day Is 20377-20997

Cotton on MCX settled down by -0.96% at 20610 on higher output of the fibre. The rating agency expects cotton prices to drop to Rs 105-110 per kg in the cotton year (Oct-Sep) compared to around Rs 117 per kg a year ago. India's cotton acreage is estimated to have increased by 19% in the current year to 12.3 million hectares compared to 10.3 million hectares a year ago.

 

The planted area under cotton is also 7% higher than the 5-year average of 11.5 million hectares. However, total yield is estimated to drop by around 7% to 520kg/hectare on erratic monsoon rains and anticipated pest-related woes. Lower cotton prices may be a boon in disguise for spinners as it will help protect their margin.

 

Trading Ideas: 

 

* Cotton trading range for the day is 20377-20997. 

 

* Cotton prices remained under pressure on higher output of the fibre. 

 

* India's cotton acreage is estimated to have increased by 19% in the current year to 12.3 million hectares compared to 10.3 million hectares a year ago. 

 

* CCI purchased nearly 485,000 bales cotton at minimum support price (MSP) fixed by government as prices are ruling firm. 

 

* Cotton prices in spot market gained by 20.00 rupees and settled at 20210.00 rupees. 

 

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