Cotton slips on lack of demand

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Cotton futures at MCX opened with gap down to Rs.21500 per quintal, continues its downside trend and test its key support levels of 21400-21500 in opening hours of trade. Cotton prices got support near key levels of Rs.21400-21500 which could act as immediate support levels and also expect some recovery from this levels.

Speculators have started to book profits and closing their short positions which indicates that prices can regain its fall of earlier week.

Cotton futures at MCX likely to have strong support and resistance at Rs.21400 per quintal and Rs.22500 per quintal, respectively.

Cotton futures opened with negative sentiments Rs.21500 per quintal and followed by lack of demand from millers. Prices are trading at Rs.21570 per quintal levels almost down by 0.55% with open interest of 3856 lots.

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