Last Updated : 02 February 2013 at 17:25 IST
Cotlook A Index soars, global Cotton production up in 2012/13:ICAC
Source :Commodity Online
In 2012/13, global cotton production is estimated down by 5%, while cotton mill use is expected to rise by 2%. However, production at 25.9 million ton remains much larger than consumption at 23.3 million tons.
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WASHINGTON(Commodity Online): The global cotton market is showing a confusing trend as the usual volatility was absent during the first five months of 2012/13 season but suddenly spiked in mid-January, according to International Cotton Advisory Committee.
The Cotlook A Index rose to the highest levels in the current season on January 31, 2013 at 90.35 cents per pound, ICAC observed.
In 2012/13, global cotton production is estimated down by 5%, while cotton mill use is expected to rise by 2%. However, production at 25.9 million ton remains much larger than consumption at 23.3 million tons.
As a result,global stocks at the end of July 2013 are forecast at a record 16.7 million tons, up 19% from the previous year.China is holding a large percentage of world stocks in a national reserve, while “free” global ending stocks areforecast at only 9.7 million tons.
At this time, 2012/13 plantings in the Southern Hemisphere are finished for the most part. Farmers have reduced cotton area in order to switch to profitable competing crops, and cotton production is estimated down by about one-fifth in both Brazil and Australia. In the Northern Hemisphere, cotton area and production during 2013/14 are expected to decrease by 8% to 28.4 million hectares and 11% to 20.5 million tons for the same reason.
