Cotton finding severe resistance above the present level and when ever it tries to break this barrier, It is pushed back at the end of the day.
According to to USDA latest WASDE report we may project further firmness in cotton prices but don’t predict the ultimate increase and its height. Cotton requirements have increased from 112.69 million bales to 114.21 million bales while the global production has decreased from 117.20 million bales to 116.27 million bales as compared with the last month.
Below is the WASDE report for your view.
WASDE Report Summary
WORLD
Opening – Stock : 99.21 -0.23
Production : 116.27 -0.93
Import : 42.23 + 0.48
Total – Stock : 257.71 -0.68
Domestic – Used : 114.21 + 1.52
Export : 42.37 +0.51.
USA
Opening – Stock : 7.25 + 0.00
Production : 17.05 -0.01
Import : 0 + 0
Total – Stock : 24.30 – 0.01
Domestic – Used : 2.50 +0
Export : 14.60 +00
Total – USED : 17.10 +00
Ending – Stock : 7.20 -0.01
INDIA
Opening – Stock : 17.88 +0.02
Production : 30.00 +0.00
Import : 1.00 + 0.00
Total – Stock : 48.88 + 0.02
Domestic – Used : 23.00 + 0.50
Export : 5.00 +0.00
Total – USED : 28.00 + 0.50
Ending – Stock : 20.88 -0.48
PAKISTAN
Opening Stock : 3.39 (+0.17) (+0.89)
Production: 5.80 (-0.40) (-0.40) -6.45%
Import: 3.80 (00) (-0.18)
Total Stock : 12.99 (-0.23) (+0.31)
Domestic Used : 10.00 (00) (+0.80) 00%
Export: 0.08 (00) (+0.02)
Ending Stock : 2.89 (-0.23) (-0.50)
CHINA
Opening Stock : 36.90 (00) (+1.23)
Production:27.25 (00) (00) 00%
Import : 9.50 (+0.50) (+2.36)
Total Stock : 73.65 (+0.50) (+3.59)
Domestic Used: 37.50 (+1.00) (+4.50) +2.74%
Export : 0.13 (00) (-0.03)
Ending Stock : 36.02 (-0.50) (-0.88)
Cotton Index Closing
NYC-CLOSED
Dec 67.64 + 0.15
Mar 68.42 + 0.16
May 69.12 + 0.22
July 69.61 + 0.29
TOTAL VOL 29311-LOTS
&
KCA : 9400 + 150
TODAY DCMR 7000 – bls 8600 = 9800 – AQ
&
Index-A: 72.95 + 0.65
Brazil- 59.48 + 0.57
INDIA: 18610 + 130 & S6: 37700+0
CHINA: CC 12938 + 41- FUT 12840 + 375
Pakistan Cotton Sales Report
PUNJAB / SINDH
Faqeer – wali: 800 Bales @ 9800
Fort – abbas : 1000 Bales @ 9800
Haroon – abad : 1400 Bales @ 9800
Yazman : 600 Bales @ 9700 / 9725
Ahmed – Pur – East : 400 Bales @ 9700
Bahawal – Naghar : 200 Bales @ 9700
Chishtian : 200 Bales @ 9700
ChiCha – Watni : 400 Bales @ 9300 / 9325
Rajan – Pur : 400 Bales @ 9600
Tonsa : 400 Bales @ 9500
kotri : 1400 Bale @ 9610
Mehrab – Pur : 1200 Bales @ 9300 / 9400
Tando – Adam : 1400 Bales @ 8600 / 8700 / 8800