Cotton to test 22500

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Cotton futures at MCX retest the key support of Rs.21400-500 per bales in previous trading session and recovered from those levels with profit booking and some longs were also built in previous session. Prices today continue its range as it started heading towards its resistance levels of Rs.22500 per bales.

Participants are again building longs and waiting for higher levels to book profits while the traders who have made short positions are also looking their profit near support levels.

Prices have immediate support and resistance of Rs.21500 and Rs.22500 respectively.

MCX Cotton October contract opened at 21640 and traded positive thereafter. prices were trading up by 1.11% per cent at Rs.21840 per bales having open interest of 4046 lots.

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