Steady conditions prevailed on the cotton market on Thursday as buyers kept looking for quality lots.
At the outset, there was strong demand for quality lint from spinners who strived to build up their inventories.
However, shortage of quality lint disappointed many.
The rising trend in world’s leading cotton markets including New York cotton psychologically impacted trading, because during last two sessions, cotton prices rose between 3 to 3.5 cents per pound.
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The absence of buying interest from local spinners witnessed further decline in cotton prices on Thursday. Due to falling cotton prices, phutti (seed cotton) also came under pressure and moved lowered.
Ginners are perturbed by the situation as they are still holding substantial quantity of unsold cotton. Barring a few needy spinners who replenished their stocks, the market otherwise remained devoid of activity.
A large number of looms are reported to have shutdown in Faisalabad owing to th
After a sharp increase in cotton prices observed in the first three weeks of January, prices took a negative turn in later part of the month in the Brazilian market. Center for Advanced Studies on Applied Economics-Luiz de Queiroz College of Agriculture (CEPEA/ESALQ) cotton index rose 3.34 per cent in January to close at 2.7536 BRL per pound on January 31.
“When prices were on the rise, processors were more active in the market, in order to replenish inventories and adjusting bidding to askin
