Cotton futures edged lower on MCX due to sluggish demand from traders and stockists at the spot market. Though, some losses were capped on reports that cotton planting in India could fall about 12% in 2018/19 on anticipation that farmers may slashed cotton acreage due to fear of infestation of pink boll worm.
The contract for March delivery was trading at Rs 20270.00, down by 0.34% or Rs 70.00 from its previous closing of Rs 20340.00. The open interest of the contract stood at 3613 lots.
The contract for April delivery was trading at Rs 20560.00, down by 0.44% or Rs 90.00 from its previous closing of Rs 20650.00. The open interest of the contract stood at 5099 lots on MCX.