Cotton prices gained on short covering after prices dropped as country’s cotton production is expected to increase by 3.8% in 2016-17 from a year ago.
Cotton output in 2016-17 is likely to rise by 3.8 per cent in from a year ago due to a sharp increase in yield following a favourable monsoon.
India exported 0.152 lakh bales of cotton last week, which was 0.043 lakh bales previous to last week, according to the data.
Cotton prices in spot market dropped by 10.00 rupees and settled at 18470.00 rupees.
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