Cotton on MCX settled up by 0.34% at 20630 due to reduces arrivals of the crop from Tamil Nadu region. As per reports, there is a reduction of 50,000 bales in the crop estimate for Tamil Nadu compared to the previous month’s estimate. Indian cotton production for the 2019-20 season is seen at 29 million 480 lb bales, the U.S. Department of Agriculture (USDA) said in a report down 1% from earlier estimates.
Trading Ideas:
* Cotton trading range for the day is 20420-20780.
* Cotton prices gained due to reduces arrivals of the crop from Tamil Nadu region.
* Indian cotton production for the 2019-20 season is seen at 29 million 480 lb bales, down 1% from earlier estimates.
* Area in Gujarat under cotton is higher as on 29-Jul-19 at 23.76 lakh ha compared to 25.5 lakh ha last year.
* Cotton prices in spot market gained by 70.00 rupees and settled at 20240.00 rupees.
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