Cotton future trade low on ample supply

Cotton futures traded low on MCX as speculators reduced their holdings on the back of slow buying by mills. Further, the absence of fresh export demand and bearish cues against fresh supply of stocks in local mandis were also weighing on sentiment. The contract for May delivery was trading at Rs 20240.00, down by 0.30% or Rs 60.00 from its previous closing of Rs 20300.00. The open interest of the contract stood at 4437.00 lots. The contract for June delivery was trading at Rs 20510.00, down by 0.24% or Rs 50.00 from its previous closing of Rs 20560.00. The open interest of the contract stood at 3730.00 lots on MCX.