Cotton futures down on profit booking

Cotton futures down on profit booking

19/07/2016 14:12

Cotton future tumbled 1.96 per cent on Tuesday at the Multi Commodity Exchange (MCX) as investors resorted to profit booking after strong rally in the last few sessions. Further, subdued export demand from traders and stockiest at the spot market also restricted uptrend.

At the MCX, cotton futures for July 2016 contract is trading at Rs. 23030.00 per bales, down by 1.96 per cent, after opening at Rs. 23250.00. It touched the intra-day low of Rs. 22920.00. (At 2:25 PM today).

India is the second largest producer of cotton and its derivatives in the world after China, accounting for about 18 per cent of the world cotton production. India also constitutes about 25 per cent of world area under cotton cultivation.

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