Last update: Sun, 26 Jun 2016 08pm

Cotton and Textiles


Prices recovered on the cotton market on Saturday amid selective buying by mills and spinners, dealers said. The official spot rate recovered overnight losses by Rs 50 to Rs 5,600, dealers said. In both Sindh and Punjab prices of seed cotton were at Rs 3200 and Rs 3400 per 40 kg, respectively, they said.
ICE cotton futures fell more than 1 percent on Friday as the dollar soared after Britain voted to leave the European Union and improving US crop growing conditions added to downward pressure. "Cotton was victimized by strong dollar as result of Brexit vote," said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia.
China sold a total of 17,500 tonnes of cotton from state reserves at an auction on Wednesday, according to a statement posted on a cotton industry website. The amount sold represents 97 percent of the total amount of cotton available at Wednesday's auction, and was sold at an average price of 12,230 yuan ($1,859.57) per tonne, according to the cncotton.com website.
Miguel Caballero's designs are not just chic, they could save your life. But his creations come at a price. A bulletproof men's suit can cost between $6,000 and $8,000 and a blazer up to $3,500. The Colombian fashion designer, who makes lightweight, bulletproof clothing for dignitaries including the King of Jordan, says he has a 'survivors club' of 20 customers who owe their lives to wearing his garments.
The volume of business came down on the cotton market on Friday as most of the participants were on the sidelines due to several factors, dealers said. The official spot rate was lower by Rs 50 to Rs 5,550, dealers said. In Sindh, prices of seed cotton were at Rs 3250 and Rs 3300, per 40 kg, they said. In Punjab, gaining Rs 100 to Rs 3100 and Rs 3350, they said.
ICE cotton futures rose more than 1 percent on Thursday after an uptick in US export sales and a weaker dollar. The "better-than-expected" export sales report supported cotton prices, according to Peter Egli, director of risk management at British merchant Plexus Cotton. US government data showed sales of upland cotton totalled 170,000 running bales of cotton in the week ended June 16, compared with 64,100 running bales in the previous week.
The following were the fluctuations observed during the day: