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Tuesday, October 26, 2021

For the first time on MCX, the price of cotton crossed 28,500, know what is the reason for the rise

Due to strong demand from China and Turkey and unseasonal rains in America, there is a strong rise in the price of cotton. The price on CBOT has reached the high of 2011. On the other hand, cotton has crossed 28,500 for the first time on MCX. What to do in cotton after such a boom? Will the uptrend continue or further pressure can be seen.

Why cotton boom?

For the first time on MCX, the price of cotton has crossed 28,500. The price of cotton on CBOT has reached the high of 2011. Actually there are many reasons for the boom in cotton. Unseasonal rains have affected crops in America. US cotton exports are at a 15-year high. At the same time, there is a possibility of delay in new arrivals in the domestic market as well. New arrivals have been delayed due to rains in Maharashtra, Gujarat. Crops have been damaged by Pink Bollworm disease in North India. There has been an increase in the demand for cotton yarn from China, Turkey.

Talking about the returns of cotton on MCX, cotton has given 5 percent in 1 week, 12 percent in 1 month, 16 percent in 3 months and 58 percent in 1 year.

Commodity Market: Crude oil reached the height of 7 years, know what is the reason for the rise

Along with cotton, there is a bullish trend in other agri commodities. Edible oils and spices are witnessing great growth due to strong demand during the festival. Guar is also witnessing a jump of about 4%.

Meanwhile, talking about non-agri commodities, there is a boil in crude due to no decision on increasing production in OPEC+ meeting. The price of Brent has reached near $82. Crude is close to 7-year high. Prices are getting support from a sharp recovery in the global economy.

The strength of the dollar is showing pressure on gold and silver. The price on Comex has reached near $ 1750. Silver is also working with a sluggishness. Silver has slipped below 61,000 on MCX.

All base metals except aluminium are showing weakness. Prices remain under pressure due to China power crisis. Copper is seeing a decline of more than one and a half percent on LME. Weakness is also visible in nickel and zinc.

Investment Advice by Manoj Jain of PRITHVI Finmart

SELL COCUD OCT 6050 SL 6142 TGT 5900

BUY JEERA OCT 14350 SL 14220 TGT 14550

Investment Advice by Priyank Upadhyay of SSJ FINANCE

BUY ZINC OCT 255 SL 251 TGT 262

BUY SILVER DEC 60200 SL 58500 TGT 63000

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Shehnazhttps://www.businesskhabar.com/
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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