Cotton on MCX settled up by 1.11% at 20940 due to lower output estimates in the current season and moderate demand. In 2018/19, production of Cotton is estimated at 300.9 lakh bales (of 170 kg each), down about 7.4% compared to previous estimate of 324 lakh bales as per latest government advance estimates.
Trading Ideas:
* Cotton trading range for the day is 20600-21160.
* Cotton prices gained due to lower output estimates in the current season and moderate demand.
* Punjab pegs 2018-19 cotton output almost flat at 1.28 mln bales
* In 2018/19, production of Cotton is estimated at 300.9 lakh bales, down about 7.4% compared to previous estimate of 324 lakh bales.
* Cotton prices in spot market gained by 10.00 rupees and settled at 20610.00 rupees.
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