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Cotton and Textiles


Prices recovered overnight losses on the cotton market on Friday following the fresh increase in the NY cotton futures, dealers said. The official spot rate gained Rs 50 to Rs 5300, dealers said. Approximately, 3,000 bales of cotton changed hands between Rs 4000 and Rs 5500, they said. The prices of seed cotton in Sindh were at Rs 1900 and Rs 2500 and in Punjab rates were at Rs 2200 and Rs 3000, they said.

ICE cotton hit a two-week high on Friday in follow-through buying on the prior session's gains, which marked the sharpest single-session rise in over two years, as the strengthening technical outlook attracted speculator capital. "Whenever you get a high-volume day up, and open interest increases, that's certainly not bearish," said Jordan Lea, chairman and co-owner of Eastern Trading in South Carolina.
The fluctuations observed during the day:

Official spot rates dropped modestly on profit-taking on the cotton market on Thursday, dealers said. The official spot rate was down by Rs 50 to Rs 5250, dealers said. Approximately, 2,000 bales of cotton changed hands between Rs 4700 and Rs 5450, they said.
Cotton futures hit a more-than one-week high on Thursday in their largest single-session gain since August 2012 after a US government report showed export sales of 144,900 bales in the prior week, well above market expectations. "The market just kind of caught fire here today," said Sharon Johnson, introducing broker with Wedbush Securities in Atlanta, Georgia, noting that mills had resumed buying after being absent much of the prior two weeks. "We had to come down a lot to get it to go back up."
Dwindling of ready cotton stocks from the current season (August 2014 /July 2015) and delayed sowing of the new cotton crop (2015 / 2016) have pushed up the prices of lint. Though global cotton prices are portraying dullness as in the United States and China, Indian lint prices remain high as the Cotton Corporation of India (CCI) has suspended sale of cotton. In Pakistan, only about 200,000 bales from the current crop may remain unsold by the 1st of May, 2015.
The fluctuations observed during the day:


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