Cotton futures are trading positive after giving a positive breakout from the higher band of Rs.22500 per quintal. Prices are expected to trade further up till Rs.23500/quintal by next weeks trade following strong demand in spot market.
Speculators have started to speculate by making fresh longs and participants holding longs are also widening their longs indicates that the firm uptrend is likely to continue in next weeks trade.
Cotton futures at MCX likely to have strong support and resistance at Rs.22400 per quintal and Rs.23500 per quintal, respectively.
Cotton futures opened with positive sentiments followed by previous session and opened at Rs.22520 per quintal and traded firm up thereafter. Prices are trading at 22750 levels almost up by 1.29% with open interest of 4315 lots.