On MCX settled up by 0.15% at 19970 on short covering after prices dropped on report on diminishing physical demand on anticipation of good production in the next season as sowing progress is good in the country. As per latest data from Agricultural Ministry, cotton is planted in 16.7 lakh hectares (l ha) till last week, higher by 36.1% compared to last year acreage of 12.25 l ha for same period. As per ICAC, Cotton area in India is forecast to expand by 7% to 11.3 million hectares, and production could increase by 3% to 6 mt in 2017/18.

Trading Ideas:

* Cotton trading range for the day is 19527-20067.

* Cotton gained short covering after prices dropped on report on diminishing physical demand on anticipation of good production.

* According to the official figures, cotton has been sown on 16.67 lakh hectares, 2017 across the country compared to 12.25 lakh hectares.

* Acreage under cotton has jumped around 30 per cent as farmers in Haryana, Punjab and Karnataka have increased the area.

* Cotton prices in spot market dropped by 170.00 rupees and settled at 20140.00 rupees.

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