Cotton on MCX settled down by -0.2% at 20360 due to good progress in cotton sowing in the country. As per latest data from Agricultural Ministry, cotton is planted in 71.8 lakh hectares (l ha) till last week, higher by 5.8% compared to last year acreage of 68 lakh ha for same period. However, there is fear of decline in yield due to deficient rainfall in major growing areas. Moreover, expectation of good physical demand for cotton as GST on cotton is less than manmade fibers also supported prices.

Trading Ideas:

* Cotton trading range for the day is 20213-20593.

* Cotton prices dropped due to good progress in cotton sowing in the country.

* As per latest data from Agricultural Ministry, cotton is planted in 71.8 lakh hectares (l ha) till last week, higher by 5.8%.

* Moreover, expectation of good physical demand for cotton as GST on cotton is less than manmade fibers also supported prices.

* Cotton prices in spot market gained by 130.00 rupees and settled at 20480.00 rupees.

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