Cotton on MCX settled up by 1.31% at 18580 on short covering after prices dropped on fresh offerings as daily arrivals improved slightly over 150,000 bale. Prices are ruling high in spot also but a down trend in expected with the further increase in daily arrivals. However, emergence of demand from millers at lower levels would provide support to the market. In the global markets cotton prices too are moving in a limited range in in the wake of reports of higher output during 2017-18. United States Development of Agriculture (USDA) hiked its global cotton output in the month of November.
Trading Ideas:
* Cotton trading range for the day is 18300-18760.
* Cotton gains on short covering after prices dropped on fresh offerings as daily arrivals improved slightly over 150,000 bale.
* CAI projected India's cotton crop output for the 2017-18 season at 37.5 million bales which is higher by 3.77 million bales.
* CAI estimates the total cotton supply for the crop season 2017-18 at 42.2 million bales including the opening stock of 3 million bales at the beginning of the year.
* Cotton prices in spot market dropped by 10.00 rupees and settled at 18200.00 rupees.
ReplyDeleteMentha oil futures were trading higher during the morning trade in the domestic market on Monday.
Capitalstars