Cotton futures were trading higher on the MCX as the arrival of fresh cotton is set to be delayed due to recent rains in Punjab, Haryana and Rajasthan. The prices were taking cues from the international markets, as China will ban trading firms from buying cotton from its national reserves during September, leading the prices higher on anticipated reduced supply of raw material.
The contract for October delivery was trading at Rs 18800.00, up by 0.21% or Rs 40.00 from its previous closing of Rs 18760.00. The open interest of the contract stood at 2389 lots.
The contract for November delivery was trading at Rs 18410.00, up by 0.33% or Rs 60.00 from its previous closing of Rs 18350.00. The open interest of the contract stood at 1487 lots on MCX.