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Cotton market: buyers reluctant to make deals amid rising rates

Buyers refrained from making new deals at the current levels on the cotton market on Saturday, dealers said. The official spot rate maintained last level at Rs 6,700, they added. In the ready session, only one deal of 600 bales from Alipur done at Rs 7000, dealers said.

Some dealers said that most of the millers were on the sidelines due to continued rise in the rates. Cotton analyst, Naseem Usman said that globally, prices of cotton were down but locally, shortage of best quality, barred the buyers from fresh deals, some brokers said.

Reuters adds: The NY cotton futures closed lower in New York on Friday and touched a more than a week low after the US Department of Agriculture forecast higher production, lower demand and rising inventories for the upcoming season. The most-active July cotton contract on ICE Futures US settled down 0.69 cents, or 0.74 percent, at 92.36 cents per lb. The session's low was 92 cents, the lowest since April 29. For the week, the July contract, the market's second-month position, was down 2 percent.

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