Cotton Prices Moving Higher again and heading towards the new heights of current season. The Current week stated with an astonishing movement when nearly all the leading cotton markets were guided by bullish sentiments. After a week of stability in textile sector this move is proving to be surprising for every one and stunned every one.
ICE cotton futures started the 1st morning of the week with upward movement and closed at higher level. All other markets following the ICE futures also adopted the bullish behavior and forced the consumers to hold the prices of their finished products in this uncertain situation. Producers of yarns and Fabrics were not willing to even offer their prices and adopted the wait and watch behavior. ICE futures for the month of March’21 gained 154 points and closed at 84.28.
Prices in the Chinese market also stood firm and upward and settled at the level of 15,420 after gaining 135 Yuan.
Indian Cotton prices also moved higher and gained around 300 INR per 356 Kgs and sold in the local market at the level of INR 43,800 PER 356 Kgs.
Pakistan cotton market which was already short in the current season and was being sold at abnormally higher prices gained further momentum in the current situation and was sold at the level of Rs. 11,500 per maund (37.324 kgs) in the local market.
The World Cotton Demand and Supply report is expected on 10th Feb will determine the direction of cotton prices. Therefore mostly buyers and sellers would prefer to wait for the report before indulging into fresh deals.
Asking prices for the other fibers like PSF (Polyester Staple Fibers) also moved higher and most of the man made fiber producers increased their asking around 2%
Today Yarn and Fabrics prices were on hold and mills were not willing the finalize any fresh deal and are expected to increase their asking prices in upcoming days.