Less buying interest pushed rates further down on the cotton market on Friday in the process of low activity,official spot rate extended overnight fall, losing more Rs 50 to Rs 6,650, they added. While, the prices of seed cotton from Sindh were unchanged at Rs 3100-3150 and in the Punjab rates were at Rs 3200 and Rs 3250, about 600 bales of cotton changed hands between Rs 6400-6550,Sharp fall in the NY market and huge stock of unsold stock of yarn forcing the leading buyers to keep on the sidelines to keep away from further losses,nothing has changed due to disappointing situation in the world market, as a whole, China’s absence is a very negative factor for the business circles. Reports showing that upcoming textile policy (2014-19) would revive the industry and promote value-addition to achieve one billion dollar growth in exports sector every year. Cotton futures in New York dropped to their lowest price since December 2012 on Thursday after disappointing weekly US government export data sparked heavy selling in another day of volatile trade. The benchmark December cotton contract on ICE Futures US finished down 0.63 cent, or 0.8 percent, at 74.63 cents a lb after dropping over 2 percent to 73.71 cents a lb. US Agriculture Department (USDA) data showed that US exporters booked 27,700 bales of upland cotton in the week ended June 19. Exporters sold 3,600 running bales of the remaining current 2013/14 crop.
Posted on: Sat, 28 Jun 2014 06:51:48 +0000
Trending Topics
Recently Viewed Topics
© 2015