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NY cotton futures cross psychological mark

18
Feb '11
For the first time, the New York cotton futures have exceeded $2 per pound.

There has been an increase in the May-delivery cotton by the daily limit of 7 cents or 3.6 percent to touch an all time high of $2.0193 per pound on the ICE Futures in New York.

The September-delivery cotton has changed hands on the Zhengzhou Commodity Exchange in China and registered a hike of 2.8 percent to a record high of 34,870 Yuan ($5,299) per metric ton.

Australia, the fourth biggest cotton exporter of the world, has recorded a decline in its cotton production estimate to 839,000 tons on February 15, less than the estimation of 871,000 tons as projected by the US Department of Agriculture (USDA) on February 9, when it reduced the international inventory estimates.

According to a government agency, Chinese textile units had raised their yarn production by 14 percent to touch 27 million tons in 2010.

Cotton demand in China, which is the biggest consumer as well as importer of cotton in the world, has been predicted to touch 47 million bales in the 2010-2011 season by the USDA, surpassing the production, which has been projected at 30 million bales.

As per the USDA figures, the shortfall in output may help in using up the global cotton inventories up to 42.8 million bales, the smallest in size since 1996.

Fibre2fashion News Desk - India


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