Cotton prices came under pressure on Tuesday as buyers moved to the sidelines. The easy trend noted in world leading cotton markets also had its implication on domestic lint prices. Overall, the underlying sentiment was firm. However the outlook remained uncertain owing to host of factors including shortage of irrigation water for cotton sowing and the current heat wave across the country.
Depleting cotton stocks with ginners and shortage of quality lint should have triggered buying from spin
Sustained demand pushed prices up on cotton market on Monday as needy spinners offered higher bids for quality lint to meet their seasonal requirements.
Fast depleting stocks held by ginners and shortage of quality lots continue to panic small spinners.
Fear of delay in arrival of next crop due to water shortage in lower Sindh was also a matter of great concern for the textile industry.
Most of the deals were finalised at higher rates. Spinners striving to cover up their positions also
