Cotton futures ruled flat on near term contracts

Cotton futures ruled flat for the near term contracts due to subdued demand from local mills and exporters. While July contract traded higher due to aggressive buying by yarn makers to meet overseas demand that could consume supplies of the new crop. The contract for June delivery was trading flat at its previous close of Rs. 19430.00/Bales. The open interest of the contract stood at 5209.00 lots. The contract for July delivery was trading at Rs 19680.00/Bales, up by 0.05% or Rs 10.00 from its previous closing of Rs 19670.00. The open interest of the contract stood at 2777.00 lots on MCX.