Kapas futures fall 2 pc on weak global cues

NEW DELHI: Kapas prices tumbled by Rs 22.50 to Rs 1,008.50 per 20 kg in futures trade today as traders reduced holdings on the back of weak overseas cues.

Marketmen said weak international cues and lower domestic markets trend forced speculators to reduce their positions.

At the National Commodity and Derivatives Exchange, Kapas for February delivery moved down by Rs 22.50, or 2.18 per cent, to Rs 1,008.50 per 20 kg, with an open interest of 97 lots.

For delivery in April, the prices went down by Rs 17, or 1.82 per cent, to Rs 1,033.50 per 20 kg, with an open interest of 6,519 lots.