Cotton futures edge lower on sluggish demand

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Cotton futures edged lower on MCX due to sluggish demand from traders at the spot market. Though, some losses were capped as USDA cut its estimates of US cotton production due to heavy rains in Carolinas that damaged crops.

The contract for December delivery was trading at Rs 16220.00, down by 0.49% or Rs 80.00 from its previous closing of Rs 16300.00. The open interest of the contract stood at 5279.00 lots.

The contract for January delivery was trading at Rs 16320.00, down by 0.55% or Rs 90.00 from its previous closing of Rs 16410.00. The open interest of the contract stood at 4296.00 lots on MCX.

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