Comments
Kapas prices hit a daily upper limit of four per cent at Rs 707.30 per 20 kg at the futures trade today on the back of sustained buying by stockists amid low inventories.
Market analysts said traders continuously enlarged their holdings due to low inventories which pushed up the kapas prices to hit a daily limit set by the exchange authorities.
Reports of inadequate monsoon rains in the cotton producing areas further influenced the market sentiment, they added.
At the National Commodity and Derivatives Exchange, kapas for February delivery shot up Rs 27.20 or 4 per cent to Rs 707.30 per 20 kg with an open interest of 96 lots.
Similarly, March contract spurted by the same margin to Rs 706 per 20 kg with an open interest of 13 lots and April contract advanced by Rs 14.40 or 2.09 per cent to Rs 704 per 20 kg with an open interest of 4,831 lots.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.