Cotton futures trade higher on MCX

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Cotton futures traded higher on MCX on expectation of lower output due to widespread whitefly attack in North and damage on account of pink ball worm in major producer states of Gujarat and Maharashtra. The cotton output is estimated at 341.5 lakh bales for season 2015-16 by the Cotton Association of India compared to initial estimate of record output of 384 lakh bales.

The contract for June delivery was trading at Rs 18080.00, up by 0.06% or Rs 10.00 from its previous closing of Rs 18070.00.The open interest of the contract stood at 6686.00 lots.

The contract for July delivery was trading at Rs 18260.00, up by 0.05% or Rs 10.00 from its previous closing of Rs 18250.00. The open interest of the contract stood at 3497.00 lots on MCX.

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