Cotton futures drop on selling pressure

Cotton prices drifted by Rs 190 to Rs 15,930 per bale in futures trading today following aggressive selling by participants amid weak spot as well as global market cues.

At the National Commodity and Derivatives Exchange, 29mm cotton delivery for March dipped by Rs 190, or 1.18 per cent, to Rs 15,930 per bale, with an open interest of 1,073 lots.

Similarly, the delivery for April declined by Rs 170, or 1.04 per cent, to Rs 16,140 per bale, in an open interest of 108 lots.

According to marketmen, the fall in cotton mainly registered due to heavy selling by speculators in line with weak domestic spot as well as overseas market sentiment.