Kapas futures decline over 3% as traders trim bets

Kapas prices were down by Rs 28.50, or 3.14 per cent, at Rs 878.50 per 20 kg in futures trade today after participants reduced their exposure amid weak demand in the physical market.
In futures trading at National Commodity and Derivatives Exchange, kapas for the delivery in February next year contracts dropped Rs 28.50 to Rs 878.50 per 20 kg, with an open interest of 10 lots.
On similar lines, most-active delivery in April next year contracts was trading lower by Rs 3, or 0.33 per cent, at Rs 908 per quintal with an open interest of 2,642 lots.
Traders said reduced positions by speculators amid fall in demand from textile and fibre industries mainly weighed on kappas prices in futures trade.