Cotton trading range for the day is 18033-18313. Cotton prices dropped on profit booking after prices gained on supply worries as the Gujarat government announced bonus on MSP. Cotton production in India for year 2017-18 may fall by 2.5% to 32.27 million bales against 33.09 million bales of last year. As per USDA, weekly crop progress report, 37% of cotton crop harvested in the US by the week ended Oct 22, up from 31% in the previous week. Cotton prices in spot market dropped by 230.00 rupees and settled at 18400.00 rupees.
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