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KARACHI (June 04 2010): Lacklustre business was again witnessed on the cotton market on Thursday as mill are still waiting for encouraging news on the economic front, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 6,400. In the ready business no deal finalised during the day, they said.
Market sources said that the mills were confused about the present circumstance and hoping that the positive factors would emerge in the coming days. In the meantime, the ginners did not show any change in the their attitude in expectation of further profit due to short stock, they said. On Wednesday the US cotton futures fell to fresh 3-1/2-month lows, as investors carried on rolling positions out of July and into December futures, but a robust cotton plantings report hit the later-dated contracts, analysts said.
Key July cotton contracts on ICE Futures settled at 78.40 cents per lb, with 0.67 cent losses. July futures slid to a low at 78.32, which dates back to February 25. The session high was 79.48 cents. July volume came to 16,851 traded contracts.
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