As per latest Cotton Market Bulletin
US cotton futures ended lower on Friday, with the front-month contract falling to its lowest level since June. The December '24 contract recovered slightly from the bottom, but still lost 208 points for the week. The spot December contract lost 476 points for the week.
Managed money traders cut their net long positions by 2,667 contracts, while commercial traders reduced their net short positions by 3,199 contracts.
In Pakistan, the cotton rate remained stable during the past week, but the spot rate increased by Rs 500 per maund. Cotton production is expected to increase by 30 lac bales, reaching a total of about 90 lac bales.
However, the textile sector is facing a crisis due to a sharp increase in gas tariffs, and there is no indication of cotton purchases by the Trading Corporation of Pakistan (TCP). The domestic market is also affected by the global cotton situation.
