Cotton finds numerical support of 20000

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Cotton prices finds support near numerical support near Rs.20000 per quintal. prices are expected to recover on short covering. Cotton futures at MCX likely to trade higher till Rs.21200 per quintal by current weekend.

Participants having shorts are booking their profits at lower levels which mainly to lead the prices higher. However prices are expected to trade higher till Rs.21200 while may get immediate support near Rs.20400 for the week.

Cotton prices opened at Rs.20770 with making intraday high. Prices corrects in early session while it recovered in afternoon session. Prices are trading at Rs.20640 up by 0.68% currently. Open interest for the commodity stood at 3651 lots.

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