Spot demand lifts cotton futures up by Rs 460


New Delhi, May 17 (PTI) 29-mm cotton prices spurted by Rs 460 per bale of 170 kg to Rs 17,340 in futures trading today after participants enlarged positions, driven by strong demand in the spot markets.

Besides, hike in cottonseed oilcake and kapas prices supported the uptrend.

At the National Commodity and Derivatives Exchange, 29-mm cotton price delivery for June spurted by Rs 460, or 2.73 per cent to Rs 17,340 per bale of 170 kg, with an open interest of 76 lots.

Likewise, delivery in May shot up by Rs 430, or 2.57 per cent, to Rs 17,150 per bale, having an open interest of 853 lots.

Marketmen attributed the rise in cotton prices at futures trade to strong demand against restricted supplies from growing regions at the spot markets.