Indian cotton output to hit 35.7m bales: CAI
Sunday, 21 November 2010
NEW DELHI, Nov 20 (Commodity Online): India's cotton output is estimated to be of 35.7 million bales for 2010-11 seasons, said Cotton Association of India (CAI) on November 16th. The data is based on October 31 estimates.
Of the total supply of 41.85 million bales, 650,000 bales are to be imported with total consumption including mill, non-mill and small-scale units pegged at 26.6 million bales. This would mean a surplus of 15.25 million bales which is higher than the surplus of 2009-10 reading at 13.6 million bales.
A production aggregate of 21.6 million bales from the states of Gujarat, Maharashtra and Madhya Pradesh implies a hike in production of 3.4 million bales compared to previous year's production.
Gujarat, alone is expected to produce 12 million bales of cotton.
Meanwhile, cotton prices registered the biggest weekly slump in sixteen months on Friday at ICE futures in New York, owing to improved projections in output from India.
Cotton futures for March delivery slid by 4.6 per cent to stop at $1.2315 a pound at 2:49 pm New York time.
In China, a major consumer of cotton, the industry is expected to import a record 20 million bales of cotton with 10.9 million bales in the year ended July 31 already contributing. Domestic demand from textile industry for cotton there is surging.
This was revealed by Olam International Limited.
Olam is having cotton operations in countries including USA, India, Australia, and Brazil.
However, textile industry in India observed a nation-wide strike this Friday in protest of exponential prices for cotton yarn. Incoming reports suggest that the strike observed by powerloom, handloom, made-ups and apparel makers has cost the industry Rs 2.0 billion.
Of the total supply of 41.85 million bales, 650,000 bales are to be imported with total consumption including mill, non-mill and small-scale units pegged at 26.6 million bales. This would mean a surplus of 15.25 million bales which is higher than the surplus of 2009-10 reading at 13.6 million bales.
A production aggregate of 21.6 million bales from the states of Gujarat, Maharashtra and Madhya Pradesh implies a hike in production of 3.4 million bales compared to previous year's production.
Gujarat, alone is expected to produce 12 million bales of cotton.
Meanwhile, cotton prices registered the biggest weekly slump in sixteen months on Friday at ICE futures in New York, owing to improved projections in output from India.
Cotton futures for March delivery slid by 4.6 per cent to stop at $1.2315 a pound at 2:49 pm New York time.
In China, a major consumer of cotton, the industry is expected to import a record 20 million bales of cotton with 10.9 million bales in the year ended July 31 already contributing. Domestic demand from textile industry for cotton there is surging.
This was revealed by Olam International Limited.
Olam is having cotton operations in countries including USA, India, Australia, and Brazil.
However, textile industry in India observed a nation-wide strike this Friday in protest of exponential prices for cotton yarn. Incoming reports suggest that the strike observed by powerloom, handloom, made-ups and apparel makers has cost the industry Rs 2.0 billion.