After a buying spree earlier in the week, the dwindling interest from spinners pushed cotton prices further lower on Saturday.
Higher crop production estimates the world over kept all leading markets under pressure, with New York Cotton Exchange (NYSE) closing easy for the third consecutive session.
The maturing October contract on the NYSE attracted renewed buying and closed higher to cross 70 cents per lb. All other contracts closed easy. The Indian and Chinese market also remained under
Cotton prices moved lower on Wednesday, in line with New York cotton market.
The fading out of two major hurricanes — Harvey and Irma — without much damage to standing cotton crop in Texas and Georgia left prices under pressure the world over.
Trading resumed on overnight correction though activity remained moderate.
However, new developments are putting more pressure on cotton prices, particularly with higher production estimates by leading cotton producing countries including Pakis
Cotton prices came under pressure after buying activity slowed down on Tuesday after past one week’s intense buying.
Trading was influenced by rising cotton prices on New York market and suddenly subsided after global prices came under pressure.
As fears of extensive damage in a couple of leading cotton growing states of the US by successive hurricanes faded away, New York cotton also came under heavy correction.
The Chinese and Indian markets also came under pressure and closed easy i
