Cotton futures slip nearly 1% to Rs 21,060 per bale on higher stocks
In the futures market, cotton for January delivery touched an intraday high of Rs 21,250 and an intraday low of Rs 21,000 per bale on the MCX.
Mumbai / January 15, 2021 / 03:48 PM IST
Cotton futures traded weaker at Rs 21,060 per bale on January 15 as participants trimmed their positions as seen from open interest. Cotton prices had dropped 0.5 percent January 14 to settle at Rs 21,260/bale on the MCX.
“Despite positive cues from the international market, domestic cotton futures failed to sustain above Rs 21,300 levels as Cotton Association of India (CAI) revising higher domestic cotton carry forward stock for this season and limited buying from local millers have kept Cotton prices under check,” said Mohit Vyas, Analyst at Kotak Securities.
Cotton futures dip 0.47% to Rs 20,960 per bale on low demand
In the futures market, cotton for January delivery touched an intraday high of Rs 21,130 and an intraday low of Rs 20,920 per bale on the MCX.
Cotton
Cotton futures fell marginally to Rs 20,960 per bale on January 11 as participants trimmed their positions as seen from open interest. Cotton prices had gained 1.40 percent last week on the MCX.
Cotton futures pared gains after a positive open in the afternoon session, tracking weakness in ICE Cotton futures and ahead of USDA’s WASDE report.
Mohit Vyas, Analyst at Kotak Securities, said, “Bearish factors like limited buying by domestic millers and Cotton Association of India increasing India cotton stock estimates also weighed on futures.”
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.”