Cotton futures benchmark May contract on ICE Futures U.S. closed the shortened week down as investors continued to unwind long positions after Federal Reserve minutes showed policymakers had little appetite for more economic stimulus.
The Cotlook A index too lost US cents 3.80 while the China Cotton Index further lost 33 yuan a ton. In Pakistan, some improvement was seen as mills and exporters tried to cover the short-term needs. The official KCA spot rate was up PakRs100 per maund from last week. In India, the Cotton Corporation of India intensified its purchases with an aim to ensure that prices were viable for farmers. Higher purchases CCI and the mills had strengthened the cotton prices.