Cotton Futures
Cotton futures closed near the lows on Monday after giving back their initial strength out of the weekend. The front month cotton futures contract lost 147 points to close at 82.91. Weekly NASS data showed that 49% of the cotton crop has been harvested as of 10/29, which is up from 41% last week and 2ppts ahead of the average pace. Cotton conditions improved by 2 points during the week for a final Brugler500 rating of 269.
Pakistan Market
The local cotton market in Pakistan remained easy on Monday, with modest trading volume. The spot rate of cotton in Sindh is Rs 18,000 per maund, while the rate of phutti (seed cotton) is in between Rs 5,500 to Rs 7,400 per 40 kg. The rate of cotton in Punjab is Rs 16,000 to Rs 17,800 per maund, and the rate of phutti is in between Rs 6,500 to Rs 8,200 per 40 kg.
China Reserve Auction
Yesterday's China cotton reserve auction had a turnout rate of 74.82%, with 20,000.0617 tons of cotton offered for sale and 14,963.0787 tons actually sold.
Pakistan Market Remains Easy, and China Reserve Auction Turnout Rate at 74.82%.
CREDITS: Cotton Market Bulletin
