Cotton market under pressure
KARACHI: Cotton prices came under renewed pressure on Friday as uncertainty on global commodity markets along with falling cotton prices kept the buying sentiment depressed.
Buyers avoided going for higher inventory by restricting their buying to short-term needs, said the brokers. The falling cotton prices due to ongoing US-China tariffs war and shifting of buying source is impacting world commodity markets. The higher phutti (seed-cotton) arrivals is feared to bring cotton prices under pressure as spinners are playing safe by reducing their daily buying orders to only short-term needs.
The world’s leading cotton markets remained under pressure with New York losing up to 1.75 cents per lb but late in the evening, it partially recovered. The Indian and Chinese markets were also reported to be easy.
The Karachi Cotton Association revised down its spot rates by Rs50 to Rs8,000 per maund.