[Webbing] Pakistan’s cotton brokers said that strong factory and exporter purchases have slightly boosted prices in the cotton market. The official spot price of the Karachi Cotton Association remained unchanged at Rs 8,500. In Sindh and Punjab provinces, the price of the poor type of Phutty cotton reached Rs 2500 and the premium type reached Rs 3000.

    In spot trading, 10,000 bales of cotton changed hands and the transaction price was Rs 7350-8600. Some brokers said that a slight recovery in the New York cotton futures market has pushed buyers to place new orders. In the next few days, cotton prices may rise again. The accumulation of cotton yarn is one of the main concerns of traders because they worry that the arrival of new cotton will increase their concerns. According to reports, due to the decline in export orders, Indian traders will reduce their textile production by 33%. Regarding comments on the recent depreciation of the rupee, the broker said that Pakistan’s textile exports may rise again due to low cotton prices.

    On Friday, there was a mixed phenomenon in the settlement of US cotton futures. This was because the fiber contracts were bleak, and market participants considered the next market trend. The cotton contract of the International Cotton Exchange in July fell by 0.04 cents to close at 1.5561 US dollars per pound, and the transaction price range was between 1.5006-1.5702 US dollars per pound. This week, the market benchmark contract rose by 7.21%.

    The contract price of New Cotton in December rose by 0.57 cents, closing at 1.1976 US dollars per pound, with a fluctuation range of 1.171-1.2024 US dollars. Trading volume fell 11,300 lots, 50% below the 30-day average, Reuters preliminary statistics indicate. The Karachi cotton market reported the following transactions: 800 bales of cotton from Khan Poole were priced at Rs 8,500; 400 bales of cotton from Kabir Walla fell by Rs 8,600 and 200 bales of cotton from Lagapur Is priced at Rs 8,400, 370 bales from ShahJewana are priced at Rs 8,100, 209 bales from Mailsi are priced at Rs 7,350, and 400 bales from Rahim Yarhan are sold at 8550 Rs. 8400 bales of cotton from Khanpur sold for Rs 8,000.