ANL 34.32 Decreased By ▼ -0.20 (-0.58%)
ASC 14.85 Decreased By ▼ -0.31 (-2.04%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 90.24 Decreased By ▼ -4.76 (-5.01%)
BOP 7.79 Decreased By ▼ -0.08 (-1.02%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
DGKC 124.20 Decreased By ▼ -2.40 (-1.9%)
EPCL 56.30 Decreased By ▼ -0.86 (-1.5%)
FCCL 24.31 Decreased By ▼ -0.19 (-0.78%)
FFBL 27.60 Decreased By ▼ -0.36 (-1.29%)
FFL 16.05 Increased By ▲ 0.01 (0.06%)
HASCOL 9.74 Decreased By ▼ -0.28 (-2.79%)
HUBC 80.00 No Change ▼ 0.00 (0%)
HUMNL 6.44 Decreased By ▼ -0.01 (-0.16%)
JSCL 20.50 Increased By ▲ 0.09 (0.44%)
KAPCO 40.21 Decreased By ▼ -0.73 (-1.78%)
KEL 3.85 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 16.25 Decreased By ▼ -0.99 (-5.74%)
MLCF 46.60 Decreased By ▼ -0.31 (-0.66%)
PAEL 35.10 Decreased By ▼ -1.07 (-2.96%)
PIBTL 10.33 Decreased By ▼ -0.16 (-1.53%)
POWER 9.25 Decreased By ▼ -0.10 (-1.07%)
PPL 85.50 Decreased By ▼ -0.24 (-0.28%)
PRL 25.01 Decreased By ▼ -0.70 (-2.72%)
PTC 9.55 Increased By ▲ 0.10 (1.06%)
SILK 1.24 Increased By ▲ 0.07 (5.98%)
SNGP 38.82 Decreased By ▼ -0.54 (-1.37%)
TRG 167.40 Increased By ▲ 7.79 (4.88%)
UNITY 30.65 Decreased By ▼ -0.10 (-0.33%)
WTL 1.53 Increased By ▲ 0.10 (6.99%)
BR100 4,820 Decreased By ▼ -31.91 (-0.66%)
BR30 25,669 Decreased By ▼ -2.82 (-0.01%)
KSE100 44,978 Decreased By ▼ -208.43 (-0.46%)
KSE30 18,443 Decreased By ▼ -42.02 (-0.23%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,501
5824hr
Pakistan Cases
725,602
458424hr
Sindh
269,126
Punjab
250,459
Balochistan
20,321
Islamabad
66,380
KPK
99,595

NEW YORK: ICE cotton futures dipped more than 1% on Friday, as index funds rolled over their positions from the front-month contract, precipitating a pullback from a more than two-year peak. The cotton contract for March fell 1.06 cents, or 1.3%, to 83.22 cents per lb by 12:55 p.m. EST (1755 GMT), having jumped to its highest since August 2018 at 84.89 cents earlier in the session.

The contract is up more than 3% so far this week, its biggest weekly percentage gain since mid-December.

“(Thursday’s) rally was really aggressive, it pushed the market from its comfortable trading range, so we are seeing a bit of pullback. There’s also some profit taking,” said Bailey Thomen, cotton risk management associate with StoneX Group.

“The Goldman Sachs index fund has started their rolling period, so some of the activity is selling pressure from that. However, fundamentals still remain good and we see steady demand for cotton continuing.”

Cotton prices jumped 4% on Thursday as investors banked on a bullish supply-demand outlook from the US Department of Agriculture (USDA).

The USDA is scheduled to release its monthly World Agricultural Supply and Demand Estimates (WASDE) report on Feb. 9.

Investors were also keeping close watch for developments on the US fiscal stimulus measures.

The US Senate on early Friday passed a budget plan that would allow for passage of President Joe Biden’s $1.9 trillion COVID-19 relief package in coming weeks without Republican support. Total futures market volume fell by 48,721 to 51,959 lots. Certificated cotton stocks deliverable as of Feb. 3 totalled 87,839 480-lb bales, up from 81,879 in the previous session.