MCX Cotton Oct futures closed lower on fresh selling at higher levels and tracking weak trend in the International cotton prices. Prices have jumped higher on Monday as Gujarat government has announced a bonus of 500 per quintal over and above the minimum support price of 4,020.

Outlook

Cotton futures are expected trade sideways on weak international prices and on reports of improved arrivals for the new season crop in the domestic market. However, higher bonus declared by the Gujarat government, CCI procurement and improved exports demand for Indian cotton may support prices.

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