Cotton on MCX settled flat on estimation of lower output and reports of crop damages in the major growing states. Prices of cotton may remain supportive as United States Department of Agriculture (USDA) has maintained India's 2017-18 cotton output in November. USDA maintained India's 2017-18 cotton output at 30 million bales for November month unchanged from October month. Following low arrivals, with falling yield due to pest attack, the cotton crop is set to fall significantly.
Trading Ideas:
* Cotton trading range for the day is 18420-18620.
* Cotton prices settled flat on estimation of lower output and reports of crop damages in the major growing states.
* Following low arrivals, with falling yield due to pest attack, the cotton crop is set to fall significantly.
* Clarity is expected in a few weeks on the extent of damage the pink boll-worm has done to the standing crop, especially in Maharashtra and Telangana.
* Cotton prices in spot market dropped by 60.00 rupees and settled at 18160.00 rupees.
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