Thin business was seen on the cotton market on Thurs‐day as ginners were not interested in lowering the asking prices in expectations of increase in profits, dealers said.
• According to the market sources, most of the local buyers were not ready to pay above the psychological level, in the meantime, the ginners were not keen to oblige the in anticipation of better returns.
• Recent surge in political violence, force the Bangladeshi textile industries to close their business, so they may not be able to meet orders on time, they said.
• Political unrest in Bangladesh likely to help Pak exporters to take advantage of this opportunity, so, prices may go up further in days to come, cotton analyst said.
• Reuters adds: US cotton fell nearly 2 percent on Wednesday, its sharpest tumble in two months, on fear the market was overbought ahead of exports and crop data later this week that some traders said could cite weaker sales and higher inventories.
• The S&P GSCI and DJ‐UBS commodity indexes cumulatively cut their weightings for cotton by 0.17 percent.
