India, Sept. 11 -- Technically Cotton market is under fresh buying as market has witnessed gain in open interest by 0. 57% to settled at 710 while prices up 220 rupees.
Now MCX Cotton is getting support at 17500 and below same could see a test of 17340 levels and resistance is now likely to be seen at 17770 a move above could see prices testing 17880.
Cotton yesterday settled up by 1.26% at 17660 as buying by spinning mills and overseas firms has picked up. The domestic demand of cotton has seen an increase with most of the spinning mills now running at 80% capacity.
Since the Cotton Corporation of India (CCI) started auctioning cotton about a month ago it has been able to sell almost 50 lakh bales of 170 kg each and the prices have rise...