Cotton futures dip as speculators trim positions

NEW DELHI: Cotton prices tumbled by Rs 290 to Rs 16,020 per bale of 175 kg in futures trading today as speculators lightened their positions, tracking a weak trend at the spot markets.

At the National Commodity and Derivatives Exchange, 29mm-cotton (variety) delivery for April lost Rs 290, or 1.78 per cent, to Rs 16,020 per bale of 175 kg, with an open interest in 667 lots.

Similarly, March delivery dropped by Rs 250, or 1.55 per cent, to Rs 15,850 per bale and an open interest stood at 876 lots.

Marketmen said offloading of positions by participants, taking weak cues from the spot markets due to subdued demand against increased arrivals from growing regions, mainly weighed on cotton prices at futures trade.