Kapas futures surge as speculators create fresh position

Kapas prices were trading higher by Rs 13 to Rs 949 per 20 kilos in futures trading today as participants created speculative positions, tracking a firm trend at the spot markets on strong demand.
Marketmen said, the rise in kapas prices at futures trade was mostly attributed to rising demand at existing levels from fibre units in physical markets amid paucity of stocks on restricted arrivals.
At the National Commodity and Derivatives Exchange, kapas for delivery in far-month April shot up by Rs 13, or 1.39 per cent, to Rs 949 per 20 kilos, having an open interest of 10,772 lots.

Also, delivery in February hardened by Rs 12, or 1.31 per cent, to Rs 927 per 20 kg, with the business turnover of 3 open lots.