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COTTON MARKET UPDATE REPORT
Cotton on MCX settled up by 0.58% at 20730 due to rising domestic as well as export demand in the spot market. Though, reports of improving supplies from major growing regions capped some gains in cotton. As per CCI, around 30 lakh bales of cotton has been exported from the country so far as against a planned target of some 50 -60 lakh bales this cotton season.
The Cotton Association of India (CAI), the apex trade body for the sector, has maintained the crop estimate for 2016-17 season at 341 lakh bales of 170 kg each in its latest estimates for January, same as that in the previous month.
However, it expects the consumption of the fibre to increase marginally in the year ahead on pick-up in demand. Technically market is under short covering as market has witnessed drop in open interest by -15.46% to settled at 2920 while prices up 120 rupees, now Cotton is getting support at 20670 and below same could see a test of 20610 level, And resistance is now likely to be seen at 20780, a move above could see prices testing 20830.
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