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Daily worldwide cotton market report
10
Apr '09
Last night in New York futures Market, May 2009 closed at 48.41 with a loss of 31 points with a volume of 16037 contracts traded, the July 09 closed at 48.73 with a loss of 66 points and the volume traded under July cover remained 12221 contracts, while the October closed at 51.53 with a loss of 66 points while the business volume under October cover was 19 contracts. The “A” index declared settled at 56.40 with an increase of 110 points today.

The spot rate of KCA moved and climbed to be settled at Rs. 3450/= with an increase of Rs. 50/= today. In the domestic market 1000 bales of Rahim Yar Khan sold at Rs. 3600, 1000 bales of Ahmed Pur sold at rs. 3600/, 800 bales of Kahror Pakka sold at rs. 3535/, 1000 bales of Bahawal Pur sold at rs. 3450/ 3050 bales of Vehari sold at rs. 3450/, 2000 bales of Sadiqabad changed hands at Rs. 3500/, 1000 bales of Noor Pur Nauranga sold at Rs. 3600, 400 bales of Sanghar sold at rs. 3450/, and 400 bales of Shahdad Pur sold at rs. 3450. Recent figures published by USDA about the US. export sales for weekending 4/2/2009; cotton: net upland sales of 253,500 running bales were down 37 percent from the previous week and 17 percent from the prior 4-week average. Increases were reported for China (104,100 Rb), Pakistan (76,600 Rb), India (53,300 Rb), turkey (31,200 Rb), Indonesia (28,200 Rb), Colombia (11,500 Rb), Vietnam (7,600 Rb), and Thailand (7,600 Rb). Decreases were reported for Mexico (91,000 Rb, moved to 2009/2010). Net sales of 133,500 Rb for delivery in 2009/10 were mainly for Mexico (108,100 Rb), Indonesia (11,000 Rb), and turkey (10,900 Rb). Exports of 288,000 Rb were down 3 percent from the previous week, but up 27 percent from the prior 4-week average. The primary destinations were china (90,700 Rb), Pakistan (31,500 Rb), turkey (26,100 Rb), Thailand (23,300 Rb), Indonesia (21,900 Rb), and Vietnam (16,800 Rb). Net American Pima sales of 3,000 Rb were mainly for turkey (1,300 Rb), Hong Kong (1,000 Rb), and Bangladesh (700 Rb). Decreases were reported for Switzerland (200 Rb). Exports of 2,600 Rb were mainly to India (1,300 Rb), Japan (400 Rb), and Mexico (300 Rb).

According to an analyst, “some negative news was shrugged off. China is not likely to increase its cotton import quota and the inclusion of cotton interests in a commodity purchasing delegation to the US. slated for late April has been cancelled. In other news, the wall street journal reported that India's cotton second quarter exports will likely more than double the first quarter due to a tax rebate and the Indian rupee's depreciation against the U.S. dollar, according to industry officials.”

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