Cotton

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rakeshmalik

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Typhoon Muifa misses Shanghai, veers toward Shandong
Sun Aug 7, 2011 5:30am GMT Print | Single Page [-] Text [+]
BEIJING Aug 7 (Reuters) - Typhoon Muifa weakened as it approached China's coast on Sunday, avoiding a direct-hit on the financial capital Shanghai and veering north towards a tip of Shandong province that juts into the Yellow Sea.

The storm was expected to skirt China's eastern seaboard while delivering strong winds and torrential rains. But forecasters said it could spare residents serious damage from what had been feared to be the area's worst typhoon in years.

In Shanghai, strong gusts knocked down billboards and briefly cut power to at least two residential areas, Sang Baoliang, deputy head of Shanghai's flood control headquarters, told Xinhua news agency.

Muifa, however, proved more disruptive than damaging. Authorities had evacuated more than 310,000 residents from Shanghai, cancelled more than 200 flights and closed two bridges to outlying islands, the news agency reported.

"It does not feel like a typhoon at all," Li Hongjun, 29, a visitor from Shaanxi province, told Reuters. "These winds are quite normal. I would think a typhoon would feel much stronger and there should be no one walking in the streets."

China's National Meteorological Center said the storm, with maximum winds of 138 kilometers per hour (85 miles per hour), could brush past parts of Shandong province early on Monday.

Tropical Storm Risk (www.tropicalstormrisk.com/) predicted that Muifa would likely slow to a tropical storm as it headed north, making landfall near the port city of Dalian.

In the Yuyuan old town area of Shanghai, intermittent rain kept tourist numbers low, but many shops remained open. An umbrella shop run by Zhu Peinian, 58, was doing a brisk business.

"They did tell us that if the typhoon was strong, we would have to shut our shops and take a break for a few days. But we are open because the alert is over," he said. (Reporting by Royston Chan, Ken Wills, Chris Buckley and Sally Huang; Writing by Ken Wills; Editing by Ron Popeski)
 

rakeshmalik

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government intervention to stabilise Phutti price

armers Associates Pakistan (FAP) has demanded intervention of the government to stabilise fluctuating "Phutti prices" for safeguarding financial interests of the cotton growers. It urged the government to immediately direct the TCP to enter the market and start buying the lint at the price of Rs 7,000/37.324 kg till the market stabilises

In a meeting held here on Sunday FAP Board of Directors expressed deep concern over the current cotton scenario in which lack/black marketing of urea fertiliser along with it, extreme volatility in cotton prices is de-motivating cotton farmers.

The cotton crop is in its middle of the season during which farmers has to be highly motivated whereas Phutti prices below 2800/40kg are already frustrating cotton farmers as it is not even covering their cost of production, it added.

BOD warned that non-availability or very high prices of urea is discouraging them to use it in the required amount which may lead to a situation where Pakistan may miss the estimated target of 15 million bales

The president of FAP Dr Tariq Bucha said that months of August and September are very crucial for the cotton crop to set its fruit. During these months farmers need to be vigilant about the pest, which may affect the crop badly and hence can reduce the production, and must complete fertiliser application by the month of August or maximum by early September.

This year early cotton sowing has increased as compared to last year which has led to early arrival of cotton in the market. This unusual phenomenon has caused unprecedented fluctuation in the cotton market as it has resulted in artificial supply and demand gap. These factors can affect cotton production in current year and FAP thinks if government does not come up with some effective measures to countercheck these problems, it may have a deep and adverse impact on Pakistan's already dwindling economy. FAP warned the government that if this situation persists not only farmers will suffer badly but also at the same time Pakistan may lose 1.5 billion dollars from its foreign reserves to import the shortfall of 2.3 million bales.
 

rakeshmalik

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The Karachi Cotton Exchange (KCE) spot rate remained unchanged at Rs6,200 per 37.324kgs on Monday as rain in Punjab subdued fears of a glut, traders said.
The price could increase to Rs6,500 to Rs6,600 in the next few sessions as buyers shift to Sindh where cotton crop has not been spoiled by the rain, they said.
“Generally when it rains, the quality of cotton gets affected,” said Shakeel Ahmed Khilji, a cotton broker. “We will see more activity in Sindh, which has mostly remained dry.”
The ginning factories announced last week to go on strike from Monday against the 3.5 percent sales tax.
Companies have inventories, which will allow them to keep working.
Benchmark New York cotton recovered to 101 cents after sliding to 99 cents earlier in the day.
Cotton prices remain susceptible to fears of global economic slowdown, dealers said.
Pakistan is expecting a bumper crop of 15.2 million bales, sufficient to meet this year’s demand. Last year’s floods devastated much of agricultural output and partly contributed to the record rise in cotton price.
 

rakeshmalik

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South India: cotton witnesses steady to weak trend

Published on 2011-08-08
Mumbai – Cotton traded steady to weak in major south India markets Monday on dull demand. Yarn prices quoted stable. Total arrival in the country was 1,000- 1,200 bales.
In Adilabad, 31 MM cotton traded at Rs 34,000- 34,500 per candy, 29/30 MM at Rs 31,000- 33,000 and 28 MM at Rs 29,000- 30,000 per candy. In Guntur, 32+ MM cotton offered at Rs 35,000- 36,000 a candy. In Warangal, 30/31 MM cotton quoted at Rs 34,000- 35,000 while 29 MM offered at Rs 31,000- 35,000 a candy.
In Karnataka, Jaidhar 22+ MM cotton traded at Rs 25,000- 26,000 a candy, 28+ MM quoted at Rs 29,000- 30,000 a candy while 29 MM at Rs 32,000- 34,000 a candy. DCH cotton traded at Rs 49,000-55,000 a candy.
 

rakeshmalik

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cotton offers steady to weak in west india

2011-08-08
Mumbai – Cotton traded steady to weak in major west India markets Monday as buyers remained reluctant tracking a fall in US credit rating by Standard and Poor. Spreading European debt crisis also weighed on the trading sentiment. Total arrival in the country was 1,000- 1,200 bales.
An officer with Cotton Corporation of India said, “There was a good demand from countries like China, Bangladesh, Taiwan and Sri Lanka last week. Exporters dealt at 105-107 per pound C&F which is much less than other origin fibre. But, how the drop in US credit rating will affect the market, it will be known today.”
Financial market is being supported with the announcement of G-20 to make effort for maintaining balance and liquidity. European Central Bank also purchased bonds of countries like Italy and Spain to save these countries from the crisis. An improvement in other financial markets may also support cotton market.
In Gujarat, S-6 grade A cotton traded at Rs 34,500- 35,300 per candy, grade B at Rs 31,000- 32,000, grade C at Rs 30,000- 31,000 while grade D offered at Rs 29,000- 30,000 a candy. Prices of V-797 cotton grade A remained at Rs 24,500- 26,000 while grade B offered at Rs 20,000- 22,000 a candy.
In Maharashtra and Madhya Pradesh, cotton 24/26 MM traded at Rs 27,000- 29,000 a candy, 28 MM quoted at Rs 30,000- 32,500 a candy while 29/30 MM at Rs 33,000- 34,000 a candy.
 
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