Cotton futures remain flat at Rs 21,180 per bale in afternoon trade
In the futures market, cotton for January delivery touched an intraday high of Rs 21,260 and an intraday low of Rs 21,080 per bale on the MCX.
Cotton
Cotton futures traded steady at Rs 21,180 per bale on January 7 as participants increased their long positions as seen from open interest. Cotton futures pared gains in the last session on January 6, tracking weakness in ICE Cotton to settle at Rs 21,150/bale level.
Mohit Vyas, Analyst at Kotak Securities, said, “Domestic cotton which registered Rs 400 gain in the first session of the week, has remained steady in last two sessions as limited buying by domestic millers and Cotton Corporation of India (CCI) limiting purchases in some states weighed on natural fibre. However, CCI has assured continued procurement, and a steep rally in ICE Cotton futures and better export outlook are likely to keep cotton buoyed in coming sessions.”