Cotton on MCX settled up 0.26% at 19620 on short covering after prices dropped due to improved sowing, higher imports and weak international prices. According to the Telangana government cotton sowing progress, the area remained 17.61 lakh ha which is 33,000 ha less than the normal area and near around similar to the previous year.
Trading Ideas:
* Cotton trading range for the day is 19530-19690.
* Cotton gained on short covering after prices dropped due to improved sowing, higher imports and weak international prices.
* According to the Telangana government cotton sowing progress, the area remained 17.61 lakh ha which is 33,000 ha less than the normal area.
* The area under cotton in AP stood at 5.45 lakh ha higher than 4.73 lakh ha in the previous year and increased out of normal 5 lakh ha.
* Cotton prices in spot market dropped by 20.00 rupees and settled at 20450.00 rupees.
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