Pakistan Local Cotton Prices and Market Commentary 30th August 2017

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ICE cotton futures edged higher on Tuesday as concerns of potential crop damage due to storm Harvey lifted the prices of the natural fiber to near three-week highs. Cotton contracts for December settled up 0.15 cent, or 0.21 percent, at 69.98 cents per lb. It traded within a range of 69.33 and 70.46 cents a lb, its highest since Aug. 10. "There are no official numbers yet, however, obviously there will be some damage, which is why the prices have been rising," said Gabriel Crivorot, analyst at Societe Generale in New York. The December contract rose for the second straight session on Tuesday after gaining about 2.5 percent in the previous session.

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