Cotton Traders In India Say The Price Of Cotton Will Drop After Picking Up In India.
The largest state-run in India
cotton
The buyer said that in the next three months, as the United States and India began picking cotton,
Tight supply
The situation will be eased and cotton prices will fall by 12%.
New York futures could drop to $1 -1.05 US dollars / pound, as India resumed exports, and Pakistan and Brazil began picking cotton.
Subhash Grover, executive director of Cotton Corp in India, said in a telephone interview in Mumbai.
In October 15th, ICE cotton reached US $1.198 per pound, the highest price in cotton trade in 140 years.
Since the inventory to consumption ratio is about 40%, which is lower than the historical average ratio of 50%, cotton prices may remain above US $1 in the next three years.
In the delayed paction, ICE cotton was delivered in December.
Price
Rose 1.2% to 1.1475 cents / pound.
Cotton prices in the US jumped 50% in 2010.
Supplement:
On Monday, India approved the export of 3 million 900 thousand bales of cotton (170 kg / bag). The India textile Commissioner's office has received 5 million 500 thousand packages of cotton export applications, which is the largest export quantity set by the India government.
A senior executive in India who is responsible for the procurement of cotton said that the office of the Commissioner of textiles seldom refused to apply.
He expects cotton producers in India to export cotton to the largest number.
According to the senior officer, the spot price of Sankar -6 varieties last Thursday - Friday reached 41500 rupees / candy (356 kg).
Monday (10.18) spot price is 40200-40500 rupees / candy.
Within two weeks, cotton will start arriving in the southern states.
At present, the India Cotton Association estimates that the output will be 34 million 500 thousand packages (170 kilograms per pack) in 2010-11 years.
However, the India Cotton Advisory Committee estimated that the output would be 32 million 548 thousand bags (170 kilos per pack).
The Advisory Committee estimated in August 27th that the total consumption of 22 million 150 thousand bags of textile mills in 2010/11 was 26 million 600 thousand packages, including the consumption of textile factories, small businesses and non textile mills.
After the first light of the first week of 2010, there will be a clear situation.
It is widely believed that India will get a good harvest of cotton this year.
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