Mumbai - Cotton futures were trading mixed during the early hours of the trade on both the domestic exchanges Tuesday. While MCX April-08 futures rose slightly by Re 0.30/20kg, the NCDEX April-08 cotton futures were trading up Re 0.70/20kg. Cotton futures had closed weaker yesterday.

Earlier, cotton on ICE Futures US in New York fell Monday after a session in which prices chopped on both sides of unchanged in uneventful dealings, brokers and analysts said. March cotton fell 20 points to settle at 65.65 cents a pound and May lost 10 points to 67.12 cents.

On Monday, at the spot markets, arrivals of cotton lint increased sharply and were recorded at 35,000 bales across north India. Cotton lint, however, traded stronger at almost all the spot markets, except lower centre in Punjab, as prices were supported by the demand from millers and exporters.

Across western parts of the country, cotton lint traded mixed. While S-6 variety of cotton lint got slightly stronger at the lower level in Gujarat, most of the cotton varieties traded down in Madhya Pradesh.

At 10.21 am IST, benchmark NCDEX April-08 cotton futures were trading up Re 0.70 at Rs 465.70/20kg, after fluctuating between Rs 465.00 and 466.50/20kg. Open interests in April-08 cotton were 4789 lots. NCDEX March-08 cotton was down Rs 2.20 at Rs 462.00/20kg. Open interests for the contract were 603 lots.

MCX April-08 futures were up Re 0.30 at Rs 450.50/20kg.

[Source: Dow Jones Newswire, MCX & NCDEX]