Cotton on MCX settled down by -0.49% at 18180 on profit booking tracking weakness in spot demand after prices gained on supply worries as the Gujarat government announced bonus on minimum support prices and firm demand in global market. As per Ministry of Agriculture, cotton production in India for year 2017-18 may fall by 2.5% to 32.27 million bales against 33.09 million bales of last year.

Trading Ideas:

* Cotton trading range for the day is 18033-18313.

* Cotton prices dropped on profit booking after prices gained on supply worries as the Gujarat government announced bonus on MSP.

* Cotton production in India for year 2017-18 may fall by 2.5% to 32.27 million bales against 33.09 million bales of last year.

* As per USDA, weekly crop progress report, 37% of cotton crop harvested in the US by the week ended Oct 22, up from 31% in the previous week.

* Cotton prices in spot market dropped by 230.00 rupees and settled at 18400.00 rupees.

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