Sustained buying interest kept cotton prices steady on Wednesday amid reports that the major textile groups are also active and conducting inquiries for the purchase.
Cotton brokers said that although spinning mill owners were doing panic buying, ginners were not interested in selling their product at the prevailing prices.
They said that ginners were holding their stock to see the position of the market after Eidul Fitr.
Although the bookies have become active for future deals and low
ICE cotton futures rose more than 1 percent to their highest in over eight months on Friday in high volume trade on a weaker dollar and buying ahead of Britain's June 23 referendum on whether to stay or leave the European Union. "A lot of money exiting a lot of stock funds because of the Brexit vote next week, and they're just buying agricultural commodities," said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia.
The December cotton contract on ICE Futures US
