Cotton market is under long liquidation as market has witnessed drop in open interest by 3.64% to settled at 5587 while prices down 180 rupees.
Now MCX Cotton is getting support at 21690 and below same could see a test of 21590 level, And resistance is now likely to be seen at 21960, a move above could see prices testing 22130.
–Cotton trading range for the day is 21590-22130.
–Cotton prices gained on reports of slow arrivals in physical market and export demand.
–The Indian Cotton Federation (ICF) has estimated cotton crop for 2018-19 in the country to be 373 lakh bales of 170 kg a bale.
–Cotton arrivals stood at 750,000 bales in Gujarat down from 1.05 million bales a year ago while the inflow improved to 660,000 bales in Rajasthan.
–Cotton prices in spot market gained by 70.00 rupees and settled at 21500.00 rupees.