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09-Oct2018

Cotton futures edge higher on rising demand

Cotton futures edged higher on MCX on anticipation of lower crop size for 2018-19 at 348 lakh bales (of 170 kg each) from 365 lakh bales in 2017-18 due to drought-like situation in key growing regions of Gujarat, Maharashtra and Karnataka, as per Cotton Association of India (CAI). Besides, rising demand from domestic mills also fuelled the uptrend.

The contract for October delivery was trading at Rs 22300.00, up by 0.18% or Rs 40.00 from its previous closing of Rs 22260.00. The open interest of the contract stood at 2929 lots.

The contract for November delivery was trading at Rs 22330.00, up by 0.22% or Rs 50.00 from its previous closing of Rs 22280.00. The open interest of the contract stood at 3533 lots on MCX.


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