Cotton on MCX settled down by -0.78% at 20400 on estimation of higher output. India's cotton output is expected to rise by 6% to 6.1 million tons which is likely to be the world's largest producer for the third consecutive season, said the International Cotton Advisory Committee (ICAC) in its release on July 5. Area under cotton is predicted to jump by 8% to 11.3 million hectares on higher minimum support price (MSP) and adequate monsoon which has encouraged farmers to grow more fibre this year, ICAC showed in its data.

Trading Ideas:

* Cotton trading range for the day is 20127-20687.

* Cotton prices ended with losses on estimation of higher output.

* In 2017-18 crop year, India cotton sowing rose in 7.18 million hectares compared to 6.78 million hectares a year ago.

* Moreover, world cotton production is estimated to rise by 7% to 24.6 million tons in 2017-18 crop year compared to 22.9 million tons in 2016-17.

* Cotton prices in spot market dropped by 120.00 rupees and settled at 20350.00 rupees.

RipplesAdvisory >> More Indian Share Market Tips click here>> https://www.justdial.com/Indore/Ripples-Advisory