Mixed sentiment was seen for the cotton prices in the international market. Although no major change was seen in prices any where around the globe but few origins showed minor changes in Prices. New York Cotton future market at the start of the day was seen at firm position but later at the mid day recorded some drop and in the end closed in negative. NYCF is facing strong resistance above the 66.25 level and finding some support below 64.75. This narrow range is some how encouraging the view of those people who are not expecting any major change in cotton prices during the near future.
Other major market India also remained firm and stable and closed with minor increase in Prices at MCX bar. Pakistan Cotton market was also showing firm posture and significant increase was notices in prices. Mostly ginning sector in Pakistan was busy in PCGA (Pakistan cotton ginners Association) Elections. Therefore volume of business was as per the expectation. Chinese Index ZCE also closed positive and market sentiment remained firm and upward. Other leading cotton growing position remained stable with nominal changes in prices. After the arrival of new crop in Egypt some leading shippers of Egyptian cotton showed little softness in their asking for lying stock to 2019/20 crop as they want to dispose off their stocks before the bulk arrival of new crop. Brazil Cotton index also showed some downward trend due to carrying stocks.
Unlike the cotton market yarn and fabric prices in the leading Asian markets were firm and higher due to increasing demand after the COVID-19 from leading yarn buying countries especially from china. Good volume of yarn business was finalized at higher prices and now spinning mills after having covered some future sales are now increasing their asking price further. Value added sector has also got some good orders from the leading brands with regular business activity.
Cotton Index Closings
NYC-CLOSED
Dec 65.24 – 0.42
Mar 66.24 – 0.34
May 67.08 – 0.27
July 67.77 – 0.24
TOTAL VOL 17532-LOTS
&
KCA : 8700
DCMR APPROX 7800 – bls 8425 = 9500 + BALOCHI + BCI + AQ
&
Index – A : 71.15 – 0.50
Brazil : 57.40 – 1.28
INDIA : 17940 + 60 & S-6 : 36500 – 00
CHINA:12570+105 & CC:12803+30
Pakistan Cotton Sales Report
PUNJAB
D.G.Khan > 400 bls 9500 – BALOCHI
Burewala > 1000 bls 9050 – AQ
Rajan-Pur > 400 bls 9000
Harunabad > 1200 bls 8900 / 8950 / 9000
FortAbbas > 400 bls 9000
FaqirWali > 200 bls 9000
HasilPur > 200 bls 8950
Sadiqabad > 200 bls 8900
KhairPurTaniWala > 200 bls 8900
A/P/East > 400 bls 8850
RahimYarKhan > 400 bls 8600 – OLD
SINDH
SalahPat > 400 bls 8800 – BCI
Ranipur > 200 bls 8700 – BCI
MehrabPur > 1200 bls 8700 – BCI
Sui Gas > 200 bls 8700 – BCI
Rasoolabad > 200 bls 8700
Moro > 200 bls 8600
Bandhi > 200 bls 8425
Dour > 200 bls 8425
BALOCHISTAN
Lasbaila > 1000 bls 8550 / 8625
Indian Cotton Prices
Indian Cotton Rates/356kg
Shankar’6 : 36500 – 0
Bunny : 36800 + 0
MECH-1 : 35900 + 0
MCU-5 : 37300 + 0
J-34 : 35300 + 0
Y-1 : 30500 + 0
H-4 : 35600 + 0
V-797 : 22500 + 0
NHH-44 : 28200 + 0
LRA-5166 : 29200 + 0
DCH-32 : 37600 + 0
Jayadhar : 24700 + 0
B/Deshi(RG) : 35600 + 0
B/Deshi(SG) : 36300 + 0