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Daily worldwide cotton market report
21
Mar '09
Last night in New York futures market , May 2009 closed at 42.87 with an increase of 115 points, the trading volume was 10814, while July 2009 closed at 43.75 with a gain of 112 points, the trading volume was 2658 contracts, October 2009 closed 46.49 with a gain of 112 points, only 2 contracts were traded in October 09 cover . The Cot Look A index declared settled at 50.65 with a decrease of 85 points today.

The spot rate at KCA moved showing life and declared settled at Rs. 3225/= per maund with an increase of Rs. 75/= today. In the local market 400 bales of Shahdadpur sold at Rs. 3150/, 600 bales of Nawab shah sold at Rs. 3100/ 200 bales of MirpurKhas sold at Rs. 3175/.

2000 bales of Khanpur changed hands at Rs. 3300/ and in another contract of Khanpur 400 bales traded at Rs. 3225, and 400 bales of Sadiqabad sold at Rs. 3200. Activity is resuming in the market and there are inquiries for good stuff.

According to recently released figures from USDA, export sales for week ending 3/12/2009, cotton net upland sales of 204,200 running bales were down 31 percent from the previous week and 48 percent from the prior 4-week average. Increases were reported for China (36,100 RB), Turkey (32,500 RB), Vietnam (24,400 RB), Bangladesh (15,800 RB), Indonesia (15,100 RB), Pakistan (14,700 Rb), Taiwan (14,600 RB), and Mexico (11,000 RB).

Net sales of 5,400 RB for delivery in 2009/10 were for Indonesia (4,100 RB) and Thailand (1,300 RB). Exports of 165,800 RB were down 30 percent from the previous week and 18 percent from the prior 4-week average. The primary destinations were china (42,100 RB), turkey (22,900 RB), Mexico (20,300 Rb, Indonesia (13,600 RB), Pakistan (9,100 Rb), and Thailand (8,400 Rb).

Net American Pima sales of 8,400 Rb were mainly for China (4,300 Rb, including 4,200 RB, switched from unknown destinations), Indonesia (1,400 RB), and Malaysia (1,300 Rb). Net sales of 300 Rb for delivery in 2009/10 were for Japan. Exports of 7,800 Rb were mainly to china (4,400 Rb), Hong Kong (1,000 Rb), and Turkey (900 Rb.

According to Bloomberg, “manufacturing in the Philadelphia region contracted for a sixth straight month as orders and employment weakened. The Federal Reserve Bank of Philadelphia's general economic index increased to (-35) in March from (-41.3) a month earlier, the bank said today. Negative numbers signal contraction.

Manufacturers are scaling back production and reducing expenses as the global economy sinks. Clogged credit markets forced the federal reserve yesterday to announce $1.1 trillion in additional initiatives, including buying treasury securities, in a bid to revive economic growth.”

The New York Times reported that, “The World Bank lowered its forecast for economic growth in china on Wednesday to 6.5 percent in 2009, reflecting the influence of the global slowdown. The figure, down from the bank's earlier forecast of 7.5 percent growth, is well below the 8 percent projected by the Chinese government for its market, the fastest-growing major economy.

It is more in line with what many independent economists expect for china, which has the world's third-largest economy after the United States and Japan. China's banks have been largely unscathed by the international financial turmoil, and the authorities will have plenty of leeway to enact additional stimulus measures on top of steps already announced by Beijing.”


Ghulam Rabbani & Co

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