Leading buyers were noted as to be absent in the cotton market by the end of last week, in process of sluggish business, dealers said. The official spot rate was unchanged at Rs 7,600, they added. In ready session, over 4,000 bales of cotton changed hands between Rs 6500-8000, they said. In both Sindh and the Punjab, seed cotton prices were same at Rs 2800 and Rs 3300, they said.
According to reports, the United States Department of Agriculture (USDA) data showed an increase of seven percent the world cotton production, which may help in bringing down rates in the coming days, but slowly. Other experts said that mills and spinners indulged in wait-and-see mood attitude owing to lack of motivating factors. Besides, Cotton analyst, Naseem Usman said that Pak exporters received positive response in the Heiltextil exhibition.
Adds Reuters: ICE cotton futures fell over 1% on January 13, 2018, hurt by a slightly bearish supply-demand report from the US government, and profit-taking after prices of the natural fibre touched a near four-year high earlier in the day. The most active ICE cotton contract for March expiry settled down 0.97 cent, or 1.17%, at 81.68 cents per lb.
Cotton futures earlier touched a session high of 84.65 cents, a peak since March 2014. Prices were up 4.7% for the week, the best weekly performance since the week ended September 1. The USDA lowered its 2017/18 US production and ending stocks estimates slightly from its outlook last month.
The following deals reported: 600 bales of cotton from Ghotki at Rs 8000, 1400 bales from D. G. Khan at Rs 7225/8000, 200 bales from Liaquatpur at Rs 7600, 400 bales from A. P. East. at Rs 7550, 400 bales from Maroot at Rs 6900, 200 bales from Gojra at Rs 6800, 400 bales from Kichi Wala at Rs 6700, 400 bales from Burewala at Rs 6500, 200 bales from Layyah at Rs 6500, they said.