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Cotton futures firm at Rs 21,640 per bale in afternoon trade

In the futures market, cotton for February delivery touched an intraday high of Rs 21,650 and an intraday low of Rs 21,510 per bale on the MCX.

February 19, 2021 / 03:52 PM IST

Cotton futures were trading firm at Rs 21,640 per bale on February 19 as participants trimmed their positions. Prices had risen 0.7 percent the previous day to settle at Rs 21,600/bale on the MCX.

The agri commodity traded in the positive territory after a gap-down open in the afternoon session tracking positive global cues.

Cotton Corporation of India (CCI) is still procuring around 25,000 bales of cotton on a daily basis despite cottonseed prices have moved higher than MSP in the majority of the states.

MCX February Cotton trade at a discount of 16 percent from Cotlook A price of 93.80 cents as on Wednesday.

In the futures market, cotton for February delivery touched an intraday high of Rs 21,650 and an intraday low of Rs 21,510 per bale on the MCX. So far in the current series, the commodity has touched a low of Rs 20,700 and a high of Rs 21,700.

Close

Cotton futures for February delivery soared Rs 50, or 0.23 percent, to Rs 21,640 per bale at 14:55 hours IST on a business turnover of 2,957 lots. The same for March contract rose Rs 80, or 0.37 percent at Rs 21,970 per bale with a business volume of 6,943 lots.

The value of February and March’s contracts traded so far is Rs 41.85 crore and Rs 49.64 crore respectively.

At 09:29 (GMT), US Cotton futures gained 0.66 percent quoting at 90.89 cents/pound on Intercontinental Exchange (ICE).

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Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Feb 19, 2021 03:52 pm

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