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Cotton prices continue to reflect upward trend
06
Dec '10
According to the traders, cotton prices continued to remain on the higher side in the cotton market all through the trading session as the mills were engaged in buying cotton to fulfill their urgent requirements. The Karachi Cotton Association spot rate was increased by Rs 400 to Rs 9,200. Cottonseed prices in Sindh and Punjab remained between Rs 4,050-4,350.

About 30,000 bales of cotton were traded between Rs 9,100-9,700 in ready business. According to several brokers, the cotton prices were still reflecting an upward trend because of the ambiguities and apprehensions prevailing in the market regarding the future cotton supply. Again, withdrawal of Indian exporters, from the contracts entered into with cotton importers from Pakistan, led to immediate purchasing of cotton, which contributed to the further rise in cotton prices, as per the cotton analysts.

About 8.35 million bales of phutti cotton had reached the ginneries till the end of the last month. India's ban on cotton yarn exports is one of the key factors that led to the rise in the cotton prices, according to the experts. Several cotton analysts had remarked on India's recent stand, wherein it has put a ceiling on its cotton yarn exports and has restricted it at 720 million kg for 2010-11 season, which started on 1st October.

As per the Indian Cotton Yarn Advisory Board, India's cotton yarn production has been projected at 3,370 million kg for 2010-11, as against 3,074 million kg, a year before. The US cotton futures achieved the maximum amount for the second direct trading session, based on modest speculative purchasing, as restricted cotton supplies has again led to a rally in the market within a month's time after it had touched the record high prices.

The standard March cotton deal on ICE Futures US has increased its five-cent limit to touch $1.2634 per lb, with the lowest mark at $1.2234. The daily limit had increased to six cents at the close of last week, under the commodities exchange rule.

Fibre2fashion News Desk - India

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