Cotton futures edged lower on MCX due to weak demand from traders and stockists at the spot market. Though, some losses were capped as cotton planting in India could fall about 12% in 2018/19 on anticipation that farmers may slashed cotton acreage due to fear of pest infestation and lower profit margins.
The contract for April delivery was trading at Rs 20610.00, down by 0.05% or Rs 10.00 from its previous closing of Rs 20620.00. The open interest of the contract stood at 7837 lots.
The contract for May delivery was trading at Rs 20870.00, decline by 0.10% or Rs 20.00 from its previous closing of Rs 20890.00. The open interest of the contract stood at 1006 lots on MCX.