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Cotton lint prices experience downward trend
16
Nov '10
On account of the low demand as well as downward trend in the New York futures, cotton lint trading continued to remain range-bound as spot rate had eased. The physical prices of cotton lint continued to remain firm as trading took place at about Rs 8,450 per maund. The spot rate of cotton lint registered a fall of Rs 200 per maund to remain at Rs 8,300 per maund.

Local purchasing of cotton had slowed down owing to the grade issue, low demand in the market and fall in New York futures. The major customers followed the 'wait and watch' policy. Raw lots of cotton were being offered for sale below the spot rate at Punjab stations in order to take advantage of the situation, before Eid holidays.

The spot rate is likely to continue its downward trend even after the Eid holidays owing to a similar trend in the New York Future market. During the trading session, some deals were closed at Rs 8,700 per maund at Punjab stations regardless of the cotton grade. Traders as well as buyers continued to remain busy in bargaining as both wanted to take maximum advantage from the deals before going for the Eid holidays.

Fibre2fashion News Desk-India

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