Cotton futures edged higher on MCX amid pickup in demand from traders and stockists at the spot market. Further, anticipation of lower production from major producing belts also fuelled the uptrend. Cotton Association of India (CAI) has estimated cotton crop for the ongoing season at 36 million bales, which is 200,000 bales lower to earlier estimate of 36.2 million bales.
The contract for April delivery was trading at Rs 20930.00, up by 0.10% or Rs 20.00 from its previous closing of Rs 20910.00. The open interest of the contract stood at 6258 lots.
The contract for May delivery was trading at Rs 21230.00, up by 0.09% or Rs 20.00 from its previous closing of Rs 21210.00. The open interest of the contract stood at 3622 lots on MCX.