DAILY COTTON MARKET REPORT DT. 11/08/2008

NORTH
Weather remained mostly clear & humid with some scattered rains in certain parts of Punjab, Haryana & Rajasthan. Market remained stable to weak with very nominal activity in ready as well as in forward in Punjab & Haryana, where as in Rajasthan some buying was noticed from local Rajasthan mills. Haryana RG October was quoted Rs. 2565/- & November was quoted Rs. 2540- per maund.

GUJARAT
Weather remained clear with some light showers in certain pockets. Market remained stable as most of the ginners ware not much keen to offer their holdings at lower prices, where as at the same time no big buying was noticed from the mill sides.

MAHARASHTRA
During the last 24 hour good to very good rain was recorded in entire Maharashtra. Market remained stable with very nominal activity.

SNIPPETS:

1. As per USDA in it report released on 5th August’2008, India is going to harvest a crop of 307.20 lakh bales during 2008-2009, decline due to reduction in area planted.

USDA have estimated area under cotton in India during 2008-2009 at 91.00 lakh hectares against 95.50 lakh hectares in 2007-2008. USDA estimates export of cotton from Indian around 81.00 lakh bales during 2008-2009.

2. Pakistani ginners has called off their nine days old strike after successful talks with Govt. authorities.

3. The morning’s depression over north interior Orissa remained practically stationery and lay centred at 1430 hours IST of today 10th August 2008, near Keonjhargarh. The system is likely to move in a northwesterly direction and weakened gradually. Under its influence, rainfall at most places with heavy to very heavy falls at a few places and extremely heavy falls (>25 cm) at isolated places is likely over interior Orissa during next 24 hours and over Telangana, Chhattisgarh, Madhya Pradesh and Vidarbha during next 48 hours. Fairly widespread rainfall with isolated heavy falls is also likely over coastal Orissa and north coastal Andhra Pradesh during next 24 hours. Subsequently the rainfall belt likely to shift to remaining parts of north Maharashtra, Gujarat and south Rajasthan.

The axis of monsoon trough at sea level passes through Anupgarh, Gurgaon, Etawah, Siddi, centre of depression and thence southeastward to eastcentral Bay of Bengal...(K C T & Associates)