ICE cotton fell by more than 4% to reach the trade limit, penalized by a stronger dollar and poor US export sales data, which has weighed on the demand outlook for natural fiber. The Karachi Cotton Association (KCA) spot rate committee lowered the cash rate from Rs 500 per maund and closed it to Rs 15,000 per maund.

Cotton contracts for December were down 3.24 cents, or 3.9%, to 84.48 cents per pound at 12:02 p.m. ET. The contract reached its lowest level since May 2021. Because of the rains in the Sindh and Punjab cotton belt, the local cotton market and trade volume remained low. The cotton rate in Sindh in Punjab is between Rs 13,500 and Rs 14,200 per maund and between Rs 15,000 and Rs 16,000 per maund, respectively.

Furthermore, 1600 bullets of Sanghar were sold at Rs 13,800 to Rs 14,500 by Maund, 1,400 bullets of Shahdad Pur were sold at Rs 14,000 to Rs 15,000 by Maund, 1200 Tando Adam balls were sold at Rs 14,000 at Rs 14,500 by Maund, 600 balls from Hyderabad were sold at Rs 14,000 by Maund, 400 balls from Mian Channu, 400 balls from Vehari and 200 balls from Chichawatni were sold at Rs 15,800 to Rs 16,500 by Maund. Recall that cotton contracts for December were down 3.24 cents, or 3.9%, to 84.48 cents per pound at 12:02 ET.