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Cotton futures opened lower on the Multi Commodity Exchange (MCX) on Tuesday morning following a downtrend on the Intercontinental Exchange (ICE), New York.
Global cotton prices had been slipping over the past few sessions with rates dropping 1.76 per cent last night and 4.79 per cent over the past week. A recent USDA report estimated the cotton production to go up owing to the good crop yields in Brazil, Australia and Pakistan.
On MCX, the December cotton futures were trading at ₹31,350 During the initial hours of trading on Tuesday morning against the previous close of ₹31,820, down by 1.48 per cent. On ICE, March cotton futures were trading at $108.61, down by 2.49 per cent. A recent USDA report estimated the cotton production to go up owing to the good crop yields in Brazil, Australia and Pakistan.
On MCX, the December natural gas futures were trading at ₹364 in the initial hour of Tuesday morning, down by 1 per cent, against the previous close of ₹368.30.
The January contracts of US natural gas were trading at $4.853, down by 0.53 per cent.
NCDEX
On the National Commodities and Derivatives Exchange (NCDEX), the December soyabean futures opened lower by 1.92 per cent on Tuesday morning. December soyabean contracts were trading at ₹6185 against the previous close of ₹6306.
After having doubled since last year, soyabean prices in the global market have come off the recent highs. Prices dropped 0.47 per cent last night and 2.73 during the past week. Soyabean prices have now dropped over five per cent since the beginning of the year after having made huge gains earlier.
The December futures of steel long were trading at ₹44,200 against the previous close of ₹43,740, up by 1.05 per cent, in the initial hour of trading on Tuesday morning.
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