In the futures market, cotton for October delivery touched an intraday high of Rs 18,070 and an intraday low of Rs 17,940 per bale on the MCX.
Cotton futures held firm at Rs 18,020 per bale on September 16 as participants widened their positions, indicated by the open interest.
Cotton futures prices rallied tracking a rally in ICE Cotton futures in the first session of the week.
US State Department of Agriculture lowered Indian cotton stock projection to 21.36 million bales from 22.51 million bales after constant reminders from Cotton Association of India.
According to Agriculture Ministry data, cotton acreage across the country as of September 11 reached 129.3 lakh hectares compared to 126.6 lakh hectares in the same period last year.
In the futures market, cotton for October delivery touched an intraday high of Rs 18,070 and an intraday low of Rs 17,940 per bale on the MCX. So far in the current series, the commodity has touched a low of Rs 16,060 and a high of Rs 18,260.
Cotton futures for October delivery gained Rs 40, or 0.22 percent, to Rs 18,020 per bale at 16:26 hours IST on a business turnover of 707 lots. The same for November contract fell Rs 10, or 0.06 percent to Rs 17,810 per bale with a business volume of 240 lots.
The value of October and November’s contracts traded so far is Rs 5.48 crore and Rs 0.66 crore, respectively.
Kotak Securities said a steep hike in international cotton prices is likely to support domestic prices in coming sessions.For all commodities related news, click here