Cotton futures are expected to trade sideways: Angel Commodities
According to Angel Commodities, Cotton futures are expected trade sideways on good physical demand.
Angel Commodities' report on Cotton
Cotton futures on MCX closed lower on Tuesday after surging for 2 consecutive sessions tracking International prices. There are supplies this season through imports and good stocks available with the farmers. According to trade sources, India’s cotton imports have touched an all-time high of 30 lakh bales this season.
Cotton futures are expected trade sideways on good physical demand. However, reports of higher stock levels, normal monsoon and anticipation of higher sowing acreage in the country may pressurize prices. Moreover, lower exports prospects and higher imports keeping prices under pressure.
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