Cotton futures fall 0.42% to Rs 21,460 per bale on higher stocks
In the futures market, cotton for February delivery touched an intraday high of Rs 21,490 and an intraday low of Rs 21,370 per bale on the MCX.
Mumbai / February 10, 2021 / 03:09 PM IST
Cotton futures trade lower at Rs 21,460 per bale on February 10 as participants trimmed their positions. Cotton prices had gained one percent yesterday to settle at Rs 21,550/bale on the MCX.
The agri commodity traded in the red after a gap-down open in the afternoon session.
Mohit Vyas, Analyst at Kotak Securities, said: “Against 9 percent rally in ICE Cotton futures from February 1-9, domestic cotton futures have managed to post mere 2 percent gains during the period. MCX cotton futures have been underperforming international benchmark prices following huge carryover stock from last year and limited demand by millers at higher prices.”
Cotton futures jump 0.56% to Rs 21,480 per bale on positive global cues
In the futures market, cotton for February delivery touched an intraday high of Rs 21,500 and an intraday low of Rs 21,410 per bale on the MCX.
Reuters
Cotton futures trade firm at Rs 21,480 per bale on February 9 as participants widened their positions as seen from open interest. Cotton prices had slipped 0.1 percent yesterday to settle at Rs 21,360/bale on the MCX.
Cotton extended gain after a gap-up open in the afternoon session to trade near day’s high, tracking positive global cues.
Mohit Vyas, Analyst at Kotak Securities, said: “International cotton futures continued with positive momentum following market expectation of yet another month of lower world cotton stock revision by USDA.”