Cotton on MCX settled down by -0.62% at 19320 on profit booking after prices gained tracking firmness in overseas prices amid fears of crop losses due to inclement weather in production areas have helped prices, while investors are awaiting details on the trade agreement between the US-China.
According to the US Department of Agriculture, farmers have harvested 46% of the cotton crop, which is higher than the average 43% of the current time of year.
Trading Ideas:
* Cotton trading range for the day is 19110-19650.
* Cotton dropped on profit booking after prices gained tracking firmness in overseas prices amid fears of crop losses due to inclement weather in production areas.
* According to USDA farmers have harvested 46% of the cotton crop, which is higher than the average 43% of the current time of year.
* Cotton Association of India (CAI) data showed that India’s cotton exports were 36 per cent lower, at 44 lakh bales.
* Cotton prices in spot market gained by 20.00 rupees and settled at 18920.00 rupees.
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