New York Cotton Future
ICE cotton futures surprised the textile chain with unpredictable move when mostly people were expecting some stable or downward trend with 7.0 million bales carryout. The main reason behind this dramatic move is said to be the Tropical Storm Sally heading towards the New Orleans area pushing into the cotton fields of the U.S. Delta.
But still a lot of people like me still believe that it could be a artificial move and market may see some correction in days to come and at the end of this week will be a minor change with week closing. According to USDA 20/21 forecast cumulative sales have reached 51% with the five year average of 45%.
After looking at the chart directions with demand and supply situation we think that market can face difficulty going below 63.50 and upper level around 67.00. Market will remain between these limits are range bounds.
Pakistan Cotton Sales Report
Bullish trend was observed in Pakistan Cotton.
Punjab Cotton Price range in Pakistan Rupees between. 8000 to 8900 per 37.324 Kgs.
Sindh cotton deals were at lower rate between the range of Rupees. 8000 to 8250 per 37.324 kgs.
PUNJAB
Harunabad 1200 8,700 / 8,800 / 8,850 / 8,900
ChiChWatni 400 Bales 8,800 / 8,850
KabeerWala 200 Bales 8,700
Maroot 200 Bales 8,700
Burewala 600 Bales 8,550 / 8,650
Jhang 100 Bales 8,575
Vehari 1000 Bales 8,000 / 8,650 – AQ
HasilPur 200 Bales 8,000 – AQ
SINDH
TandoAdam 8600 bls 8,000 / 8,050 / 8,100 / 8,200
Sanghar 1200 bls 8,025 / 8,050 / 8,250
Moro 600 bls 8,250
NawabShah 2400 bls 8,200
Ghopchani 200 bls 8,200
Shadadpur 700 bls 8,000 / 8,100
Indian Cotton Prices
Indian cotton prices were seen increasing at the start of current week.
Shankar-6 : 36500 + 200
Bunny : 36500 + 100
MECH-1 : 35600
MCU-5 : 37100
J-34 : 35100 + 100
Y-1 : 30400 + 00
H-4 : 35400 + 100
V-797 : 22600
NHH-44 : 28000 – 00
LRA-5166 : 29000 – 00
DCH-32: 37500 + 100
Jayadhar : 24500 + 00
B/Deshi(RG) : 35700+00
B/Deshi(SG) : 36400+00
Cotton Index
KCA:8550-00
A-Index:70.50+0.60
CC Index:12649+23
Shankar6:36400