India, Sept. 14 -- Technically Cotton market is under short covering as market has witnessed drop in open interest by 0. 7% to settled at 705 while prices up 180 rupees.
Now MCX Cotton is getting support at 17620 and below same could see a test of 17410 levels and resistance is now likely to be seen at 17950 a move above could see prices testing 18070.
Cotton yesterday settled up by 1.02% at 17840 as cotton harvesting may get delayed and crop may get damaged as all India rains likely to be above normal. With the improvement of weather conditions daily arrival of new cotton is increasing in India including Haryana.
Following waterlogged conditions across districts of Hissar Fatehabad Jind and Bhiwani districts nearly 50000 acres have been...