By admin       2019-03-13

The cotton futures contract on commodity exchange MCX is buzzing with activity on the back of volatile prices and rising export demand.The exchange’s move to open three new warehousing centres at Vidarbha, the major cotton belt in Maharashtra, is also paying rich dividends.The MCX cotton contract had recorded an all-time high average open interest of 3.46 lakh bales this year. The previous high of 3.12 lakh bales was recorded in 2013.Cotton deposited in the exchange-accredited warehouses soared to new high of 1.81 lakh bales and surged by 56 per cent last Tuesday compared to 1.16 lakh bales logged in the same period last year.Deepak Mehta, Head-Agri and Energy, MCX, said the exchange expects total cotton deposits at the accredited warehouses to touch 2.25 lakh bales by end of this season given the growing interest.The warehouses accredited at Arvi, Hinganghat and Wardha in Vidarbha are witnessing robust delivery of about 30,000 bales of cotton by the local community and ginners, he added.

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