MARKET OUTLOOK

India: Today Indian market is expected to behave easy to steady, Cotton traded steady across major spot markets of north India on Monday due to less availbilty and more demand from especially north Indian mills and now they are expected to divert to Gujarat and central indian region.♦ US Cotton Futures: Contracts traded under light pressure in a quiet session last night, as most players appear to be waiting for the USDA's supply and demand report on Wednesday night.Most traders seem to be expecting another round of stock tightening and market reaction may depend on just how much of that is already priced in and where the tightening comes from. Otherwise, today s ICE Spec/Hedge report showed speculators net long 15.1%, up from last week s 13.9% net long figure.  ♦ In Pakistan:  The Karachi Cotton Association on monday fixed the official spot rate, or base price, for Grade 3 cotton at 6,055 rupees per maund (40 kg). The Grade 3 cotton has a staple length of 1-1/16" (inches) and micronaire value between 3.8 to 4.9 NCL (no control limits) which represents fine to coarse classes of cotton varieties. ♦ In China: There were 24,340 tons of cotton concluded on CNCE(China National Cotton Exchange)'s e-market yesterday, 10,600 tonnes more than the previous session. Open interests were 2,720 tonnes less than previous session to 115,760 tons.
 

COTTON & TEXTILE NEWS

• ICA Singapore 2010 Conference : Conference in Singapore was a great success, as participation from China & the sub-continent was very big. General mood of Conference seemed quite upbeat regarding future of COTTON business Cotton as provided ample opportunity 4 traditional basic business.

  ICA Reduced World Cotton Stocks Driving Prices : Good demand for cotton products and reduced cotton production worldwide should mean good prices for U.S. cotton farmers as they begin planning for the 2010 cropping season. Weather problems hampered cotton production of the world.With demand for cotton products weathering the economic recession as well or better than most consumer goods, reduction in world stocks of cotton over the past two years is likely to drive cotton prices up for the 2010 crop. Because of the delayed harvest, total U.S. production is difficult to determine, but should finish up around 12.5 million bales. On a global basis cotton production is expected to be down almost five million bales. Small gains in production in South and Central America are more than offset by China’s decline in cotton production of over five percent.

  ICA OUTLOOK - India cotton seen higher on soaring exports : India's cotton prices may remain higher this week after a federal minister backed the decision not to curb soaring exports of the commodity despite domestic price rise, analysts and traders said. "There is sufficient stock of cotton in the country to meet the demand of the mills as well as export. No proposal is under consideration for banning cotton export at this stage," Panabaaka Lakshmi, the junior textiles minister told parliament last week.  Earlier, A B Joshi, textile commissioner and chairman of Cotton Advisory Board (CAB) told Reuters about government's stand not to ban exports. India's cotton export in the first five months of 2009/10 cotton year jumped by 253 percent to 4.13 million bales. "South Indian mills have become active buyers....export demand has increased from Bangladesh and Pakistan in the last week," said an official with the state-run procurer and exporter, Cotton Corp of India Ltd. Analyst and traders said falling arrivals are also likely to support prices. India's cotton arrivals stood at 23.1 million bales of 170 kg as on March 6, down from 23.8 million bales during the same period last year. Arrivals have fallen sharply in Maharashtra, but rose in Gujarat this year, data showed. Arrivals rose about 22 percent to 7.6 million bales in Gujarat, while they were down over 21 percent to 4.8 million bales in Maharashtra. The two states are India's top cotton producers. Courtesy – Reuters

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