AGL 40.21 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.64 Decreased By ▼ -0.06 (-0.05%)
BOP 6.67 Increased By ▲ 0.06 (0.91%)
CNERGY 4.45 Decreased By ▼ -0.15 (-3.26%)
DCL 8.73 Decreased By ▼ -0.06 (-0.68%)
DFML 41.16 Decreased By ▼ -0.42 (-1.01%)
DGKC 86.11 Increased By ▲ 0.32 (0.37%)
FCCL 32.56 Increased By ▲ 0.07 (0.22%)
FFBL 64.38 Increased By ▲ 0.35 (0.55%)
FFL 11.61 Increased By ▲ 1.06 (10.05%)
HUBC 112.46 Increased By ▲ 1.69 (1.53%)
HUMNL 14.81 Decreased By ▼ -0.26 (-1.73%)
KEL 5.04 Increased By ▲ 0.16 (3.28%)
KOSM 7.36 Decreased By ▼ -0.09 (-1.21%)
MLCF 40.33 Decreased By ▼ -0.19 (-0.47%)
NBP 61.08 Increased By ▲ 0.03 (0.05%)
OGDC 194.18 Decreased By ▼ -0.69 (-0.35%)
PAEL 26.91 Decreased By ▼ -0.60 (-2.18%)
PIBTL 7.28 Decreased By ▼ -0.53 (-6.79%)
PPL 152.68 Increased By ▲ 0.15 (0.1%)
PRL 26.22 Decreased By ▼ -0.36 (-1.35%)
PTC 16.14 Decreased By ▼ -0.12 (-0.74%)
SEARL 85.70 Increased By ▲ 1.56 (1.85%)
TELE 7.67 Decreased By ▼ -0.29 (-3.64%)
TOMCL 36.47 Decreased By ▼ -0.13 (-0.36%)
TPLP 8.79 Increased By ▲ 0.13 (1.5%)
TREET 16.84 Decreased By ▼ -0.82 (-4.64%)
TRG 62.74 Increased By ▲ 4.12 (7.03%)
UNITY 28.20 Increased By ▲ 1.34 (4.99%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 10,086 Increased By 85.5 (0.85%)
BR30 31,170 Increased By 168.1 (0.54%)
KSE100 94,764 Increased By 571.8 (0.61%)
KSE30 29,410 Increased By 209 (0.72%)

ICE cotton futures on Wednesday climbed nearly 2 percent and hit a three-week high as investors covered short positions on concerns that severe weather could threaten the crop and disrupt the ongoing harvest in the United States. Cotton contracts for December settled up 1.28 cents at 68.8 cents per lb. Prices rose to 69.97 cents per lb to the highest level since Sept. 12 earlier in the session, after slipping to a six-week low on Tuesday.
The December contract rose 1.90 percent, the biggest percentage gain since Sept. 5. Tropical Depression Sixteen has formed in the southwestern Caribbean Sea and is expected to strengthen to a tropical storm later on Wednesday, the US National Hurricane Center (NHC) said.
"The tropical depression could head into the Gulf of Mexico and become a possible hurricane by Sunday, moving into the south east of Delta region and threaten the crops ... that caused some short-covering," said Peter Egli, director of risk management at British merchant Plexus Cotton. Weather in the top cotton-producing US state of Texas was getting colder, which was bullish, he said.
The USDA's weekly crop progress report on Monday showed about 17 percent of the cotton crop in the United States had been harvested by the week ended Oct. 1 compared with a five-year average of 13 percent. Total futures market volume rose by 15,730 to 34,715 lots. Data showed total open interest fell 1,700 to 229,503 contracts in the previous session. Certificated cotton stocks deliverable as of Oct. 3 totalled 4,234 480-lb bales, up from 3,827 in the previous session.

Comments

Comments are closed.