Last Updated : 04 December 2012 at 13:15 IST
Global Cotton production in 2013-14 may fall to 4-year low: ICAC
International cotton prices are currently supported and stabilized by Chinese policies, but changes to these policies could have opposite results.
- Precious, base metals, Crude Oil may trade negative on weak global sentiments
- Taking cues from decline in spot gold prices coupled with weak global market sentiments, Spot silver prices decreased by 0.53 percent today. However, favourable economic data from Germany along with weakness in DX cushioned sharp fall in the prices.
- read more
The USDA forecasts 2013/14 Canada rapeseed production at 14.5 million tons, up 9 percent from las..
By Col. Ajay
As per financial astrology, transit OD Sun in Saturn house is ..
WASHINGTON(Commodity Online): Global cotton output in 2013/14 may fall for the second consecutive season resulting in the smallest output in four years. .Lower cotton prices and increased attractiveness of competing crops will decrease the production of global cotton by 11% to 23.2 million tons, according to International Cotton Advisory committee (ICAC).
Production is expected to fall sharply in the United States and Turkey, where competition with grains and soybeans is strong. Smaller crops are also projected in China, Pakistan, Central Asia and Francophone Africa. Production is forecast only slightly down in India, assuming a recovery in the average yield.
Global cotton mill use is expected to continue growing slowly in 2013/14, on the basis of a continued gradual recovery in global economic growth. The Secretariat forecasts global cotton mill use to rise by 3% to 24.2 million tons, driven by South Asia. World cotton trade could remain almost stable at 7.8 million tons, as a projected further drop in Chinese imports could be offset by increased demand from the rest of the world.
After three consecutive years of increase, global stocks could contract by 6% from the record level of 16.6 million tons forecast in July 2013, to 15.6 million tons in July 2014. Most of this reduction in stocks is expected to take place outside of China.
One major source of uncertainty regarding short-term global cotton supply and use projections stems from Chinese policies. The Chinese government has accumulated a national reserve of over 7 million tons in the last 14 months by buying domestic and foreign cotton. This national reserve will likely continue growing until the end of March 2013 but it is not clear how it will be managed after that point. International cotton prices are currently supported and stabilized by Chinese policies, but changes to these policies could have opposite results.
- MCX Natural Gas bullish; resistance at 242 and 245 levels
- Volatility may mark Gold futures in the days to come
- MCX Copper sideways to positive; resistance at 412 and 416.5 levels
- Shale Oil production outside US, Canada is no game-changer yet: BofAML
- NCDEX Turmeric range bound; 5700-6150 range
- NCDEX Sugar bearish; support 2970