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Global including Indian cotton markets on fire

24
Nov '09
In the beginning of the previous week, cotton prices increased drastically in the Indian market, on the back of a shortage in arrivals into the market. Sellers increased their offers to Rs 26,000 per bale, which stood at Rs 24,500 per ton at the beginning of November.

In Gujarat region, total arrival of bales was 45,000 only while in Maharashtra and MP region, due to delayed arrivals and resultant shortage, prices remained firm. Offer price from the exporters and ginners hovered around Rs 25,800-26,100 per bale.

Buyers and sellers both adopted firm stance of wait and watch with sellers hoping cotton prices to move up further and buyers hoping that prices will fall, but according to current trends, sellers are likely to be the winners.

In the last one month, Cotlook index increased to 73 cents per pound which was earlier in the range of 64-65 cents per pound. Cotton prices were expected to be under drastic pressure as the world's top cotton importer; China, released 500,000 tons of cotton from its state reserves, but even that was not able to suppress the bullish price rally in the cotton markets.

In the Chinese market, contract futures for May 2010 surged by RMB 210 per ton to RMB 15,620 per ton. According to Chinese cotton experts, cotton crop in China is expected to reduce by 10 percent in current year, which is approximately 7 million ton less. For speculators, it was a matter of surprise that Beijing is still unwilling to issue more import quotas to resolve issue of tight domestic supply.

Click here to view price trends.

Fibre2fashion News Desk - India


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