On MCX settled up by 0.64% at 18990 due to concern over loss due to heavy rains. Moreover, as per farm ministry, incidents of pink boll-worm attacks have been reported in many parts of key cotton growing areas in south India and Gujarat. However, good progress in cotton sowing in the country capped further gain. As per latest data from Agricultural Ministry, cotton is planted in 114.3 lakh hectares (l ha) till last week, higher 18.2% compared to last year acreage 96.5 lakh ha for same period. Notwithstanding crop damage due to floods in Gujarat, the largest cotton producing state, India’s cotton output in the forthcoming 2017-18 season starting October is seen increasing by 10-15 per cent on rise in acreage across the country.

Trading Ideas:

# Cotton trading range for the day is 18737-19177.

# Cotton prices ended with gains due to concern over loss due to heavy rains.

# Moreover, as per farm ministry, incidents of pink boll-worm attacks have been reported in many parts of key cotton growing areas.

# As per latest data from Agricultural Ministry, cotton is planted in 114.3 lakh hectares (l ha) till last week, higher 18.2%

# Cotton prices in spot market gained by 80.00 rupees and settled at 20520.00 rupees.

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