Negativity concerning price direction introduced by fall in IC United States cotton futures
Karachi, March 26, 2013 (PPI-OT): Negativity concerning price direction has been introduced by the fall in IC US cotton futures, prompting a few sellers to seek to engage in the market. Business or premium quality lint from Punjab and Sindh has been reported today at Rs 6,700/7,200 maund ex-gin, Rs.100 less than the range quoted late last week.
PCGA’s most recent arrivals data (covering the first fortnight in March) have given fresh support to final crop estimates just short of 13 million bales. Attention is now increasingly switching to new crop sowing: despite favourable weather (dry, but on the cooler side of normal in Punjab), the pace has failed so far to pick up significant momentum.
The late ripening of winter wheat, meanwhile, may portend delays to come to cotton sowing in core growing districts.
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Cotton World Services
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