India'S Cotton Output Will Reach A New High In 2010/11
Friday,
India textile
Commissioner Josh (A B Joshi) said that cotton production in India will reach a new high of 32 million 500 thousand packets in the year of 2010/11. Although overseas demand is active, there will be only about 4 million 950 thousand packages of surplus goods available for export in India, because India is cooling its domestic prices by increasing the supply of cotton.
India Cotton Advisory Committee said that the planting area was expanded, and the planting area in 2010/11 was 11 million hectares, compared with 10 million 330 thousand hectares in the previous year.
The South Asian country expects to produce 29 million 500 thousand bales of cotton and export 8 million 300 thousand bags in 2009/10, although the government restricts exports in the second half of the year.
The second largest in the world
cotton
Production countries relaxed cotton last week.
export control
。
Josh said that the export registration of 2010/11 will start before October 1st.
There are about 4 million 50 thousand bags in the end of 2009/10.
The total supply in 2010/11 is estimated at 37 million 50 thousand bales, slightly lower than the 37 million 350 thousand package in the same period last year.
The demand for 2010/11 is estimated at 31 million 550 thousand bales, including 4 million 950 thousand package exports, compared to 33 million 300 thousand bales of cotton in 2009/10.
Due to the devastation of floods in neighbouring Pakistan, China's cotton is also affected by floods, and India's cotton demand is expanding. Therefore, India exporters ask to liberalize cotton exports.
On Thursday, the US cotton futures soared to the highest level in the past two years. The US export sales weekly showed that the overall export sales were strong, similar to the previous week's report, and the price of cotton futures rose early.
In India, Friday, the largest Shankar-6 cotton price was quoted at 33500 rupees /candy (356 kg).
So far, the price has risen more than 12% in August.
Each pack weighs 170 kilograms.
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