Cotton on MCX settled down -0.1% at 20120 on profit booking after prices gained due to lower than expected arrivals in the domestic market. There is expectation of fall in domestic output due to pink boll-worm attacks in major cotton sowing states. Pakistan’s decision to permit import of Indian cotton has provided the latest trigger for the price rise. Along with Pakistan, buyers from China and Bangladesh too have finalized deals for Indian cotton.
Technically market is under fresh selling as market has witnessed gain in open interest by 3.13% to settled at 7325 while prices down -20 rupees, now Cotton is getting support at 20026.6 and below same could see a test of 19933.3 level, And resistance is now likely to be seen at 20266.6, a move above could see prices testing 20413.3.
Trading Ideas:
* Cotton trading range for the day is 19933-20413.
* Cotton dropped on profit booking after prices gained due to lower than expected arrivals in the domestic market.
* There is expectation of fall in domestic output due to pink boll-worm attacks in major cotton sowing states.
* Pakistan’s decision to permit import of Indian cotton has provided the latest trigger for the price rise.
* Cotton prices in spot market gained by 140.00 rupees and settled at 19120.00 rupees.
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