Cotton

CCI buying cotton in north India
13 Sep 2008 3:12 pm

Abohar – Cotton lint trades steady-to-higher amid improved demand from millers at different markets across north India Saturday. Around 4,000 bales were contracted for forwards deals today. Arrivals were noted at 3500 bales.



Meanwhile, the Cotton Corporation of India (CCI) has started buying cotton from north Indian markets.



Cotton lint traded at Rs 2,570-Rs 2,580/maund in Punjab; Rs 2,570-Rs 2600/maund in Haryana; and Rs 2,560-Rs 2,580/maund in Rajasthan.



In Punjab, new cotton crop September full delivery was quoted at Rs 2,560-Rs 2,580/maund. New crop October full delivery was quoted at Rs 2,545-Rs 2,565/maund.



In Haryana, new cotton crop September full delivery was quoted at Rs 2,550-Rs 2,610/maund. New crop October full delivery was quoted at Rs 2,525-Rs 2,570/maund.

Cotton lint may dip in west India
15 Sep 2008 3:35 pm

Mumbai – Cotton lint was quoted almost steady at major markets across west India Monday. However, prices are expected to come down as buyers are avoiding purchases at the current rates, traders say.



Arrivals have reduced in the region following good rainfall in many parts of Gujarat on Saturday an Sunday. Saurashtra region received 2-6 inch rainfall that would be beneficial for the crop, traders add.



Millers are buying in limited quantity while exporters are staying away from the market. An Ahmedabad-based exporter says, Chinese traders are placing enquiries for 72-73 cents but there are no sellers below 75-76 cents. He says, demand from Pakistan is not expected as cotton prices are currently down in that country. But Bangladesh is likely to place some order.



Traders say, cotton lint prices may dip by Rs 700.candy on increasing arrivals.



At Kadi market in Gujarat, cotton lint S-6 A-grade was quoted at Rs 27,000-Rs 27,400/candy while average-grade traded at Rs 27,500-Rs 27,900/candy. Around 900 bales of cotton arrived in the State today.



In Maharashtra, the 28MM cotton lint traded at Rs 27,400-Rs 27,700/candy; 29MM cotton lint traded at Rs 27,800-Rs 28,000/candy; while 30MM cotton lint traded at Rs 28,100-Rs 28,400/candy; and 31+MM cotton lint traded at Rs 28,500-Rs 28,700/candy. Around 500 bales of cotton reached the State.



At Sendhwa market in Madhya Pradesh, the 28+MM cotton lint traded at Rs 27,400-Rs 27,600/candy; 29MM cotton lint traded at Rs 27,700-Rs 27,900/candy; 30+MM cotton lint traded at Rs 28,000-Rs 28,300/candy; and DCH variety traded at Rs 31,500-Rs 33,000/candy. The State saw arrivals of 400 bales of cotton.

Mills, spinners remain active buyers on cotton market

KARACHI (September 16 2008): Moderate trading was seen on the cotton market on Monday as mills and spinners continued forward buying to cover their needs, dealers said. The official spot rate was unchanged Rs 4000, they said. Phutti prices in Sindh were sharply higher at Rs 1925-1950 and in Punjab, the rates were at Rs 1800-1900, they said.

Market sources said that the mills and spinners trying to keep themselves away from the harm way in case of hike in the prices in the near future. There were some talks about the pest attack on the crop. On the other hand ginners were not increasing the asking prices due to smooth phutti arrivals, they added.

After the announcement of fall in the oil prices, the polyester fibre prices also came down from Rs 126 to Rs 121. Some cotton analysts were of the view that the prices may move both ways in the near future.

THE FOLLOWING DEALS WERE REPORTED: 1600 bales of cotton from Mirpurkhas sold at Rs 4025-4050, 1200 bales from Shahdadpur at Rs 4050-4075, 1000 bales from Tando Adam at Rs 4050-4075, 1400 bales from Sanghar at Rs 4050-4100, 200 bales from Sinjhoro at Rs 4075, 800 bales from Hala at Rs 4050-4075, 600 bales from Nawabshah at Rs 4050, 200 bales from Vehari at Rs 4000, 800 bales from Pakpattan at Rs 3925-3950, 400 bales from Bhawalnagar at Rs 4000, 1000 bales from Mian Channu at Rs 4000-4025,1000 bales from Chichawatni at Rs 4000-4025, 1000 bales from Burewala at Rs 4000, 1000 bales from Khanewal at Rs 4025-4040 and 600 bales Hasilpur at Rs 4000, dealers said.

================================================== =========
The KCA Official Spot Rate for Local Dealings in Pak Rupees
-----------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
================================================== =========
Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
================================================== =========
37.324 Kgs 4,000.00 100 4,100.00
-----------------------------------------------------------
Equivalent
-----------------------------------------------------------
40 Kgs 4,287.00 100 4,387.00
================================================== =========

New York cotton futures plummet

NEW YORK (September 16 2008): Cotton futures finished sharply lower Monday on investor liquidation as the Lehman bankruptcy and worries over a deepening crisis weighed heavily on the market, brokers said. "Everything is interconnected," said Mike Stevens, an analyst for brokers SFS Futures in Mandeville, Louisiana.

"Confidence is shaken. The economic crisis is not over." The benchmark December cotton contract sank 2.39 cents to conclude at 62.13 cents per lb, dealing from 61.66 to 64.79 cents. March lost 2.69 cents to 66.65 cents. Volume traded in the December contract stood at 19,559 lots at 2:45 pm (1845 GMT). Cotton futures suffered from an initial wave of investor selling which abated when the equities market tried to recover, dealers said.

The crisis over Lehman exacerbated fears in fibre futures that an economic slowdown would severely affect demand for cotton, they said. With other financial houses on the brink and the increasing feeling that the worst is still to come, cotton contracts consequently tanked late in the session. Stevens said cotton players have ignored market fundamentals like the heavy rains and cool weather in the top growing area of Texas which may hinder maturation of the crop in the area.

"I don't think anyone is paying attention to the fundamentals at this time. Everyone is looking at the economy going down the tubes and that has taken over the drivers' seat in this market," a trading house dealer said. "The global meltdown will put wide-spread liquidation into virtually every commodity with the exception of gold," Stevens said in a report.

"In this environment, cotton has little if any viable chart 'support'". Brokers Flanagan Trading Corp sees support in the December contract at 61 and 60.25 cents, with resistance at 62.90 and 63.75 cents. Volume traded on Friday came to 17,938 lots, exchange data showed. Open interest rose 488 lots to 218,451 contracts as of September 12.

ICE cotton buckles amid liquidation
16 Sep 2008 10:07 am

New York - ICE Futures US cotton dove to 15-month lows Monday amid widespread commodities liquidation on bearish outside economic influences.

Analysts expect cotton to continue trading in concert with commodities markets.

Most-active December cotton settled 239 points lower at 62.13 cents a pound, and the nearby October contract lost 220 points to settle at 59.97 cents.

December cotton opened modestly lower and slid in the first half of the session as U.S. dollar strength and commodities weakness prompted selling to the 62.27 level.

Overall economic jitters ruled the session amid the takeover of Merrill Lynch by Bank of America, while Lehman Brothers filed for bankruptcy protection Friday and insurer AIG showed signs of weakness.

Bottom feeding and slight short covering came in midsession, carrying futures nearly 150 points higher as crude trimmed gains and the U.S. dollar fell. But selling set in again, this time pushing the December cotton to 62.03 session low. Futures posted their lowest close since May 2007.

Analysts said cotton will remain under the influence of outside commodities in the near term.

"It has nothing to do with fundamentals; it really depends on outside markets," said Sharon Johnson, senior cotton analyst at First Capitol Group in Atlanta.

"The global meltdown will put wide-spread liquidation into virtually every commodity with the exception of gold," said Mike Stevens, analyst at SFS Futures in Mandeville, La.

Analysts generally agree that 60 cents is a the nearest support level for the December contract.

ICE weekly certificated cotton stocks totaled 1.51 million bales in the week ending Sept. 12, with 219 bales awaiting review and with 7,531 decertification orders, according to exchange data.

ICE cotton open interest increased 488 positions Friday to total 218,451, according to the exchange.

Close Change Range
Oct 59.97 -220 pts 59.85-62.29
Dec 62.13 -239 pts 62.03-64.79
Mar 66.65 -269 pts 66.57-69.44

Cotton lint bends further in north
16 Sep 2008 2:44 pm

Abohar – Pressurised by weak international markets and increasing arrivals in the domestic market, downfall continued in cotton lint at different markets across north India Tuesday.



In Punjab, new cotton crop September full delivery was quoted at Rs 2,535-Rs 2,555/maund; October full delivery at Rs 2,525-Rs 2,545/maund; and November full delivery at Rs 2,520-Rs 2,540/maund.



In Haryana, new cotton crop September full delivery was quoted at Rs 2,530-Rs 2,580/maund; and October full delivery was quoted at Rs 2,520-Rs 2,560/maund.



In Rajasthan, cotton lint forward delivery traded at Rs 2,440-Rs 2,470/maund.

Cotton lint steady-to-up in west
16 Sep 2008 4:14 pm

Mumbai – Cotton lint traded steady-to-higher amid improved buying from millers at major markets across west India Tuesday. There were reports of rainfall in Saurashtra region in Gujarat, Marathwada in Maharashtra and a few places in Madhya Pradesh.



At Kadi market in Gujarat, cotton lint S-6 A-grade was quoted at Rs 27,000-Rs 27,500/candy while average-grade traded at Rs 27,500-Rs 28,000/candy. Around 1100 bales of cotton arrived in the State today.



In Maharashtra, the 28MM cotton lint traded at Rs 27,500-Rs 27,800/candy; 29MM cotton lint traded at Rs 27,900-Rs 28,100/candy; while 30MM cotton lint traded at Rs 28,200-Rs 28,400/candy; and 31+MM cotton lint traded at Rs 28,500-Rs 28,700/candy. Around 700 bales of cotton reached the State.



At Sendhwa market in Madhya Pradesh, the 28+MM cotton lint traded at Rs 27,500-Rs 27,800/candy; 29MM cotton lint traded at Rs 27,900-Rs 28,000/candy; 30+MM cotton lint traded at Rs 28,100-Rs 28,300/candy; and DCH variety traded at Rs 31,500-Rs 33,000/candy. The State saw arrivals of 400 bales of cotton.

Prices under pressure on cotton market

KARACHI (September 17 2008): Soft trend was seen on the cotton market on Tuesday as oil rates came down in the local and international markets, dealers said. The official spot rate was unchanged Rs 4000, they said. Phutti prices in Sindh were lower by Rs 25 to Rs 1900-1925 and in Punjab, the rates were down at Rs 1750-1850, they said.

Some cotton analysts said that trend in the market was downwards as mills were on the sideline after fall in the oil prices and partly because of declining trend in the NY cotton futures, they said. Despite the fact that the ginners were interested in lowering the prices but spinners were not ready to buy even at the falling prices, they said. The exporters were also on the sidelines to analyse the developing situation, they added.

Cotton futures finished sharply lower on Monday on investor liquidation as the Lehman bankruptcy and worries over a deepening crisis weighed heavily on the market, brokers said. "Everything is interconnected," said Mike Stevens, an analyst for brokers SFS Futures in Mandeville, Louisiana. "Confidence is shaken.

The economic crisis is not over."The benchmark December cotton contract sank 2.39 cents to conclude at 62.13 cents per lb, dealing from 61.66 to 64.79 cents. March lost 2.69 cents to 66.65 cents. Volume traded in the December contract stood at 19,559 lots at 2:45 pm (1845 GMT).

THE FOLLOWING DEALS WERE REPORTED: 2000 bales of cotton from Tando Adam sold at Rs 4100, 2400 bales from Shahdadpur sold at Rs 4100, 2000 bales from Sanghar sold at Rs 4100, 1000 bales from Nawab Shah at Rs 4100, 200 bales from Kazi Ahmed sold at Rs 4100, 800 Hyderabad at Rs 4100, 400 bales from Sakrand at Rs 4100, 400 bales from Shahpur Chaker at Rs 4100, 1600 bales from Mirpurkhas at Rs 4050-4075, 200 bales from Vehari at Rs 4015, 1800 bales from Khanewal at Rs 4050-4075, 200 bales from Kabirwala at Rs 4075, 2000 bales from Chichawtni at Rs 4000-4075, 1200 bales from Bhurewala at Rs 4000-4050, 1000 bales from Mian Channu at Rs 4025-4050, 1000 bales from Haroonabad at Rs 4025, 200 bales from Arifwala at Rs 4025, 400 bales from Bhawalnagar at Rs 4000, 200 bales from Layyah at Rs 4000 and 200 bales from Bhakkhar at Rs 4000, dealers said.

rakesh ji,no post are you busy ?let me use your tread.

Price decline abates on cotton market

September 19 2008 sliding regularly throughout this week, cotton prices halted their decline in the ready market on Thursday. Perhaps some Eid shopping ahead of the annual festival expected to fall on the 2nd October 2008 and rapid erosion of the Pakistani rupee against the United States dollar this week also played their part in abating further decline in fibre prices for the time being.

The seedcotton (kapas/phutti) prices on Thursday were said to have ranged from rs.1900 to rs.1910 per 40 kgs in Sindh, while in the punjab they were reported to have ranged from Rs 1700 to Rs 1850 per 40 kgs according to the quality. Lint prices in Sindh reportedly ranged from Rs 3975 to Rs 4000 per maund (37.32 kgs) while in the Punjab they are said to have ranged from Rs 3900 to Rs 3950 per maund.