Mumbai (Commodities Control) – Cotton futures fell over 3% to a five-month low on Friday on fears that the rapidly spreading coronavirus could impact global growth and demand for the natural fibre.
Cotton contract for May fell 3.3%, to 60.46 cents per lb as of 0807 GMT in pre-market trading. The contract touched its lowest since September at 60.18 cents earlier in the session.
"Global demand of all agricultural commodities has come under threat as of now. So, until we see some radical resolution for this virus, ...not sure of any recovery in near future," said Kotak Securities.
Countries on three continents reported their first cases of the virus on Friday as the world prepared for a pandemic of the disease.
Cotton March contract on MCX lost Rs 300 to trade at Rs 18,100.
(Commodities Control Bureau)