Karvy believes that, Cotton futures may trade on lower to negative note and prices slid marginally across all major trading platform, says the report.
Cotton futures traded lower on negative notes and prices slid marginally across all major trading platform
However we noticed no change in spot prices and it was ruling at Rs.33500/Candy with moderate demand
MCX January cotton future price dropped again after three days cumulative gain and settled at Rs.15950/Bale, 0.56% lower than the previous day's price
Meanwhile ACE cotton January future also closed slightly lower by 0.12% than last day and settled at Rs.33540/Candy
The most active ICE March cotton future continued with its downward trend on second consecutive day and price dropped slightly by 0.06% by end of the session and settled at 61.78 cent/lb
Outlook and Strategy
Cotton price has been consolidating since few days though there has been aggressive buying by yarn makers. Cotton demand is international market has also improved. However cotton price slid marginally before Christmas holiday and this downward trend might be continued during today though market is shut due to festive holidays across globe. Moderate demand for raw cotton was reported in Gujarat and Maharashtra which made the price to be unchanged during the day. However we noticed cotton price has been ruling above the minimum support price in Gujarat owing to good demand of raw cotton from ginning mills. We may see a significant change in minimum support price provided by India government for raw cotton as a committee has formed by government to review the minimum support price in 11 cotton growing states and committee's report may influence the cotton price in coming future. US market was closed yesterday due to Christmas holiday and cotton prices ruled lower across international market due to slow ginning mills activities. However cotton demand has improved since few days which pulled up the cotton price and it might be continued rise further owing to
improved export numbers. Export sales report by USDA is likely to publish is expected to be positive for cotton. Overall, we hold a mixed to bearish tone on Cotton for the day at the domestic market.
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