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Daily global cotton market report
02
Feb '09
On Friday, in the New York futures market, March 2009 closed at 49.41 with a loss of 66 points while the volume traded was 10630 contracts and the may 2009 closed at 50.44 with a loss of 57 points and the trading volume was 7311, while July 2009 was closed at 51.51 with a loss of 44 points and the trading volume was 1029 contracts. The Cotlook A index declared settled at 58.70 with a loss of 65 points.

The spot rate at KCA stepped down to be declared settled at Rs 3350 per maund with a decline of Rs 50 today. In the local market today 1000 bales of Sanghar sold at Rs 3285, 200 bales of Khipro sold at Rs 3250, 800 bales of Mirpurkhas changed hands at Rs 3300, 800 bales of Jalalpur sold at Rs 3300, 1200 bales of Sadiqabad sold at Rs 3350, 1000 bales of Dera Ghazi Khan sold at Rs 3365, 400 bales of Vehari sold at Rs 3200, 600 bales of Kotaddu sold at Rs 3350 and 800 bales of Mubarikpur sold at Rs 3300.

According to the recently published figures of USDA, the US raw cotton export sales for weekending 1/22/2009, net upland sales of 107,200 running bales were down 77 percent from the previous week and 52 percent from the prior 4-week average. Increases were reported for China (19,700 rb), Pakistan (19,400 rb), Indonesia (9,700 rb), Thailand (9,600 rb), Turkey (9,200 rb), and Vietnam (8,600 rb). Net sales of 6,600 rb for delivery in 2009/10 were for Mexico (4,800 rb) and Chile (1,800 rb).

Exports of 138,100 rb were down 12 percent from the previous week and 19 percent from the prior 4-week average. The primary destinations were Mexico (26,700 rb), Bangladesh (18,100 rb), China (17,200 rb), Turkey (16,500 rb), and South Korea (11,200 rb). Net American pima sales of 3,300 rb were mainly for Indonesia (2,300 rb) and China (700 rb). Exports of 300 rb were for Malaysia (200 rb) and Japan (100 rb).

Renewed consumption concerns pressured ice futures last yesterday and day before to score new weekly losses. A host of weak US economic data coupled with an unfavorable USDA weekly export sales report undermined buying confidence and triggered a round of commission house profit taking. New home sales fell to their slowest pace on record and jobless claims continued to rise.

The government reports yesterday painted a picture of an economy that continues to slide as falling consumer spending and rising unemployment amplified the effects of a year long recession. The commerce department reported that American businesses ordered fewer durable goods in December, cutting the prospects for growth as companies braced for a difficult 2009.

The poor US economic data was reinforced by a weaker than expected USDA weekly shipments were of a major concern, which reflected the difficulty of US shippers in obtaining letters of credit from buyers. This was interpreted to suggest that inventory at foreign mills was higher than expected, indicating that mills want to delay shipment or that buyers are finding possible financialdifficulties because banks are reluctant to lend. In either case, it weakens the case that all the outstanding seasonal commitments will be shipped.


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