Cotton futures down 0.68% to Rs 17,620 per bale

Cotton futures fell to Rs 17,620 per bale on September 3 as participants increased their short positions as expectations of a bumper crop this season due to higher acreage and no reports of crop damage weighed on prices.

Cotton futures on the Multi-Commodity Exchange (MCX) settled with a loss of 0.3 percent on September 2.

In the futures market, cotton for October delivery touched an intraday high of Rs 17,740 and a low of Rs 17,600 per bale on the MCX. So far in the current series, the commodity has touched a low of Rs 16,060 and a high of Rs 18,260.

Cotton futures for October delivery fell Rs 120, or 0.68 percent, to Rs 17,620 per bale at 15:44 hours IST on a business turnover of 559 lots.

The value of October contracts traded so far is Rs 5.86 crore.

Kotak Securities expects cotton to trade rangebound with a negative bias on September 3.