AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.00 Decreased By ▼ -0.53 (-0.41%)
BOP 6.76 Increased By ▲ 0.08 (1.2%)
CNERGY 4.50 Decreased By ▼ -0.13 (-2.81%)
DCL 8.70 Decreased By ▼ -0.24 (-2.68%)
DFML 41.00 Decreased By ▼ -0.69 (-1.66%)
DGKC 81.30 Decreased By ▼ -2.47 (-2.95%)
FCCL 32.68 Decreased By ▼ -0.09 (-0.27%)
FFBL 74.25 Decreased By ▼ -1.22 (-1.62%)
FFL 11.75 Increased By ▲ 0.28 (2.44%)
HUBC 110.03 Decreased By ▼ -0.52 (-0.47%)
HUMNL 13.80 Decreased By ▼ -0.76 (-5.22%)
KEL 5.29 Decreased By ▼ -0.10 (-1.86%)
KOSM 7.63 Decreased By ▼ -0.77 (-9.17%)
MLCF 38.35 Decreased By ▼ -1.44 (-3.62%)
NBP 63.70 Increased By ▲ 3.41 (5.66%)
OGDC 194.88 Decreased By ▼ -4.78 (-2.39%)
PAEL 25.75 Decreased By ▼ -0.90 (-3.38%)
PIBTL 7.37 Decreased By ▼ -0.29 (-3.79%)
PPL 155.74 Decreased By ▼ -2.18 (-1.38%)
PRL 25.70 Decreased By ▼ -1.03 (-3.85%)
PTC 17.56 Decreased By ▼ -0.90 (-4.88%)
SEARL 78.71 Decreased By ▼ -3.73 (-4.52%)
TELE 7.88 Decreased By ▼ -0.43 (-5.17%)
TOMCL 33.61 Decreased By ▼ -0.90 (-2.61%)
TPLP 8.41 Decreased By ▼ -0.65 (-7.17%)
TREET 16.26 Decreased By ▼ -1.21 (-6.93%)
TRG 58.60 Decreased By ▼ -2.72 (-4.44%)
UNITY 27.51 Increased By ▲ 0.08 (0.29%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,450 Increased By 43.4 (0.42%)
BR30 31,209 Decreased By -504.2 (-1.59%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

NYBOT cotton futures closed softer Friday on late speculative sales in thin business as many players were sidelined waiting for a key government report next week, dealers said.
Key December cotton fell 0.82 cent to finish at 45.60 cents a lb, dealing between 45.50 and 46.78 cents. March sank 0.95 to 46.75 cents. Distant months slid 0.25 to 0.83 cent.
"Nobody wants to take a position before the report," said Frank Weathersby of brokers Affinity Trading in Fort Walton Beach, Florida.
Traders said some of the speculators, which had driven cotton past a technical barrier at 46 cents, basis December, trimmed their long positions in cotton ahead of the weekend. "Were going into a really critical report so people are wary about being aggressive on their positions," one said.
The US Department of Agriculture will release its monthly supply/demand report on August 12, the first such report in the 2004/05 marketing year (August/July) and it will contain detailed projections for crops like cotton based on actual conditions in areas like the US cotton belt.
"If weather is accommodating over the remainder of this month and next, the odds are for a re-test or possibly a new low in October due to confirmation of larger crops," said Sharon Johnson, cotton expert for Frank Schneider and Co.
Futures have been hammered lately because of anticipated large crops in the United States and in countries like China, the world's largest producer and consumer of cotton. Brokers Flanagan Trading Corp pegged support in the December contract at 45.48 and 44.20 cents, with resistance at 46 and 46.65 cents.
Floor dealers said estimated final volume amounted to 5,500 contracts, off from Thursday's tally of 6,353 lots. Open interest fell 1,360 lots to 77,681 lots as of August 5.

Copyright Reuters, 2004

Comments

Comments are closed.