Cotton futures continue uptrend

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MUMBAI, OCT 9:

Cotton futures on the Multi Commodity Exchange were trading on the positive note after gaining nearly two per cent on Monday on the back of strong demand.

October contract opened higher at Rs 16,220 a bale on Tuesday against the previous close of Rs 16,140. It was up 0.62 per cent at Rs 16,250 a bale at 12.45 pm.

Cotton output estimates were recently lowered to 334 lakh bales against 352 lakh bales registered last year. The area under cotton cultivation was down at 114 lakh hectares against 120 lakh hectares registered last year.

Cotton prices in major spot markets were close to the minimum support price of Rs 3,600 a quintal set by the Government. This will cap any sharp spike in cotton prices.

Source: http://www.thehindubusinessline.com/markets/commodities/article3980946.ece

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