Meanwhile, TCP is reported to have accepted all the foreign buyers' bid for 45,000 bales of lint at 44 to 45 cents per lb. which works out to Rs 1,950 per maund . On the contrary, the local spinners' bids for 46,500 baleshave been accepted on a limited scale. The second largest regional market in Hong Kong fell sharply by 2.2 percent on profit-taking and as regional market sentiment dipped. As speculators took new positions amid a lack of news regarding future Russian exports of the metals, the prices were boosted to new highs. Prices were pretty firm earlier, but there was no follow-through.
People say there's nothing about the market.
There's no reason why prices should go higher. It's rangebound trading.