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Friday, 27 May 2011

Cotton Fibre Market Update

09:27 syed


INDIAN UNION BUDGET FOR 2011-12 WAS PRESENTED YESTERDAY. IT DID NOT HAVE ANY SIGNIFICANT RELIEF FOR TEXTILES EXCEPT EXCISE DUTY ON YARN IS REDUCED. “SEZ” TEXTILE PARKS WERE SUBJECTED TO CORPORATE TAX WITHDRAWING ALL CONCESSIONS ONCE DECLARED ! GUJARAT WAS MORE AFFECTED AS 33% OF SEZ ARE IN GUJARAT.

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PAKISTAN :.

09:26 syed


LEAN BUSINESS WAS SEEN IN COTTON MARKET ON THURSDAY AS MILLS REMAINED ON SIDELINES IN ANTICIPATION OF FURTHER DECLINE IN PRICES. OFFICIAL SPOT RATE WAS SAME AT RS. 11,800 PER MAUND. DEALS  MATERIALISED IN THE RANGE OF RS. 11,250~12,700 PER MAUND.

BUYERS ARE HOPING THAT COTTON PRICES WILL DROP DOWN IN COMING DAYS AS INTERNATIONAL MARKET SENTIMENT IS ALSO BEARISH. SO, THEY ARE WAITING FOR MARKET TO SETTLE DOWN BEFORE PLACING NEW ORDERS. DESPITE OF ALL THE ANALYSIS AND SITUATION, ONE THING IS FOR SURE THAT DEMAND IS MORE IN COMPARISON OF SUPPLY WHICH WILL KEEP COTTON IN REASONABLE RANGE.
PUNJAB AND SINDH CROP PRICES WERE IN RANGE OF US CENTS 160~181 PER LB. (RS. 11,250~12,700 PER MAUND)


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