MUMBAI (Commodity Online): Kapas futures rose Thursday on the back of tight supply amid lower arrivals of the commodity due to heavy rain in North India.
In NCDEX kapas February contract is trading at Rs.990 per 20 Kg, higher by 2.26 per cent on 16:25 IST against the previous close.
In the morning session the contract traded at a range of Rs.979-997.20 per 20 Kg. Open interest of the contract is 2818 lots and volume traded is 9160 lots for the time being.
USDA estimates U.S. Cotton production at 15.67 million bales, down 1 percent from last month and down 13 percent from 2010. Yield is estimated at 772 pounds per acre, up 1 pound from last month’s forecast, but down 40 pounds from last year. Harvested area, at 9.75 million acres, is down 1 percent from December and down 9 percent from last year.
