Kapas prices tumbled to hit daily lower circuit of four per cent in futures trading today on aggressive selling by traders in line with weak spot markets sentiment.
Market analysts said heavy arrivals and sluggish demand in physical markets, mainly pulled down the prices to hit a lower circuit set by the exchange authority to check unwanted volatility.
At the National Commodity and Derivatives Exchange, kapas for February hit daily lower circuit of four per cent, or Rs 32.80 at Rs 788 per 20 kg, with an open interest of 54 lots.
Likewise, it prices for April delivery plummeted by Rs 32.30, or 3.99% to Rs 776.80 per 20 kg, with an open interest of 215 lots.