Cotton on MCX settled down -0.32% at 18970 on profit booking as recent rains in the cotton growing states may improve production in the country. According to the first advance estimates for 2017-18 released by the government, India's 2017-18 (Jul-Jun) cotton output is pegged at 322.7 lakh bales (1 bale = 170 kg), down 2.5% from 330.9 lakh bales in 2016-17. The Ministry of Agriculture estimated that the cotton acreage during the 2017-18 season (October-September) will rise 12 per cent compared to last year.

Trading Ideas:

* Cotton trading range for the day is 18790-19110.

* Cotton prices dropped on profit booking as recent rains in the cotton growing states may improve production in the country.

* India's 2017-18 (Jul-Jun) cotton output is pegged at 322.7 lakh bales (1 bale = 170 kg), down 2.5% from 330.9 lakh bales in 2016-17.

* season (October-September) will rise 12 per cent compared to last year.

* Cotton prices in spot market dropped by 30.00 rupees and settled at 19150.00 rupees.

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