AIRLINK 80.60 Increased By ▲ 1.19 (1.5%)
BOP 5.26 Decreased By ▼ -0.07 (-1.31%)
CNERGY 4.52 Increased By ▲ 0.14 (3.2%)
DFML 34.50 Increased By ▲ 1.31 (3.95%)
DGKC 78.90 Increased By ▲ 2.03 (2.64%)
FCCL 20.85 Increased By ▲ 0.32 (1.56%)
FFBL 33.78 Increased By ▲ 2.38 (7.58%)
FFL 9.70 Decreased By ▼ -0.15 (-1.52%)
GGL 10.11 Decreased By ▼ -0.14 (-1.37%)
HBL 117.85 Decreased By ▼ -0.08 (-0.07%)
HUBC 137.80 Increased By ▲ 3.70 (2.76%)
HUMNL 7.05 Increased By ▲ 0.05 (0.71%)
KEL 4.59 Decreased By ▼ -0.08 (-1.71%)
KOSM 4.56 Decreased By ▼ -0.18 (-3.8%)
MLCF 37.80 Increased By ▲ 0.36 (0.96%)
OGDC 137.20 Increased By ▲ 0.50 (0.37%)
PAEL 22.80 Decreased By ▼ -0.35 (-1.51%)
PIAA 26.57 Increased By ▲ 0.02 (0.08%)
PIBTL 6.76 Decreased By ▼ -0.24 (-3.43%)
PPL 114.30 Increased By ▲ 0.55 (0.48%)
PRL 27.33 Decreased By ▼ -0.19 (-0.69%)
PTC 14.59 Decreased By ▼ -0.16 (-1.08%)
SEARL 57.00 Decreased By ▼ -0.20 (-0.35%)
SNGP 66.75 Decreased By ▼ -0.75 (-1.11%)
SSGC 11.00 Decreased By ▼ -0.09 (-0.81%)
TELE 9.11 Decreased By ▼ -0.12 (-1.3%)
TPLP 11.46 Decreased By ▼ -0.10 (-0.87%)
TRG 70.23 Decreased By ▼ -1.87 (-2.59%)
UNITY 25.20 Increased By ▲ 0.38 (1.53%)
WTL 1.33 Decreased By ▼ -0.07 (-5%)
BR100 7,626 Increased By 100.3 (1.33%)
BR30 24,814 Increased By 164.5 (0.67%)
KSE100 72,743 Increased By 771.4 (1.07%)
KSE30 24,034 Increased By 284.8 (1.2%)

NEW YORK: Cotton futures up 1percent on strong demand, set for best week since early June July 16 (Reuters) - ICE cotton futures for December firmed on Friday on robust demand and stronger grains, setting a contract high for a third straight session en route to their best week in over a month.

Cotton contracts for December were up 0.75 cent, or 0.8percent, to 89.80 cents per lb at 12 p.m. EDT (1600 GMT), having earlier gained 1percent to touch a new contract-high of 89.97 cents per lb.

"The macro fundamentals are definitely supportive. The crop is better than we anticipated probably at this point, but that's not enough to overwhelm the the real demand we're experiencing right now," said Jordan Lea, senior trader at DECA Global.

Chicago wheat rallied again on Friday, putting it on track for its biggest weekly gain in four years, while corn and soybeans were also set for weekly gains, lifting cotton prices.

"Supply is tight on yarn, especially in certain markets like the United States, where they're having trouble with staffing, so not all our mills are running at capacity," Lea noted.

The December contract is poised for its best weekly showing since the week of June 4, having gained about 2.5percent so far.

"We might settle into a slightly higher trading range, but it will take a weather or macro event to move the market more than a few cents in either direction," Peter Egli, director of risk management at British merchant Plexus Cotton, said in a note on Thursday.

"As long as demand remains strong, it will be difficult for the market to come under too much pressure, even if crops continued to progress well," Egli's note added.

Total futures market volume fell by 8,132 to 9,931 lots. Data showed total open interest gained 1,944 to 235,907 contracts in the previous session.

Comments

Comments are closed.