Buyers remained in the forefront on Thursday, pushing up cotton prices on ready deals as well as official spot rates.
Higher demand originating from leading spinners and some exporters induced positive sentiment.
Buying spree was triggered by reports that the current heat wave in Sindh and Punjab could adversely affect growth of cotton plants. Moreover, pace of cotton picking has also slowed down due to excessive heat.
Consequently, spinners rushed to replenish their stocks which push
After a buying spree earlier in the week, the dwindling interest from spinners pushed cotton prices further lower on Saturday.
Higher crop production estimates the world over kept all leading markets under pressure, with New York Cotton Exchange (NYSE) closing easy for the third consecutive session.
The maturing October contract on the NYSE attracted renewed buying and closed higher to cross 70 cents per lb. All other contracts closed easy. The Indian and Chinese market also remained under
Cotton prices moved lower on Wednesday, in line with New York cotton market.
The fading out of two major hurricanes — Harvey and Irma — without much damage to standing cotton crop in Texas and Georgia left prices under pressure the world over.
Trading resumed on overnight correction though activity remained moderate.
However, new developments are putting more pressure on cotton prices, particularly with higher production estimates by leading cotton producing countries including Pakis
