Cotton on MCX settled down by -0.11% at 18250 as prices have been under pressure by higher than expected cotton production in the country. Textile industry has urged Cotton Corporation to procure about 100 lakh bales to stabilize the prices this season. Moreover, Gujarat government has announced a bonus of 500 per quintal over and above the minimum support price of 4,020.

Trading Ideas:

* Cotton trading range for the day is 18177-18317.

* Cotton dropped as prices have been under pressure by higher than expected cotton production in the country.

* Textile industry has urged Cotton Corporation to procure about 100 lakh bales to stabilize the prices this season.

* Meanwhile, global cotton production forecast for 2017-18 hiked to 120.86 million bales compared to previous month's estimates of 120.75 million bales, USDA said.

* Cotton prices in spot market gained by 50.00 rupees and settled at 18350.00 rupees.

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