“India may account for most of the expected rise in world exports, with the country’s shipments forecast to almost triple to 1.1 million tonnes, the ICAC, an association of governments of cotton-producing and -consuming countries, said in a statement. ..Chinese imports are projected to rise marginally to 1.45 million tonnes as its government has started selling cotton from its national reserve to textile mills. ..“Beginning at the end of May 2009, the government of China started selling cotton from the national reserve to domestic textile mills. The quantities sold will affect 2009-10 Chinese imports,” ICAC said. ..The cotton body also forecasts US exports to decline by 11 per cent to 2.3 million tonnes in 2009-10. ..Commenting on cotton prices, the body said globally the rates are likely to decline marginally in 2009-10 despite higher export estimates due to an expectation of rising stocks. The opening stocks in 2009-10 are estimated at 60 million bales compared to 56.9 million bales in the previous year. .
Date:6/7/2009
Source:Fundgains.com