Kapas prices shot up by 3.01% in the futures trade today on aggressive buying by traders against tight stocks position on restricted arrivals in the spot markets.
Market analysts said heavy buying by traders against low inventories and restricted arrivals in spot markets mainly pushed up the prices.
At the National Commodity and Derivatives Exchange, kapas price for February delivery jumped up by Rs 24.70, or 3.01% to Rs 845.80 per 20 kg, with open interest of four lots.
Similarly, the prices for delivery in April gained Rs 17.80, or 2.15% to Rs 845 per 20 kg, showing an open interest of 405 lots.