““This year’s global lint production was not adequate to keep pace with
global consumption, largely due to inclement weather in some of the
world’s top producing countries, such as Pakistan, Bangladesh, India and
China,” he said.
” “..
Cotton lint price as depicted on the Cotlook A Index (International
Cotton Industry weekly newsletter) have surged from 78c per pound last
year to US$1,40 per pound for the current year.
” “..
Cotton Ginners Association chairman David Machingaidze said: “A
Preliminary indication shows that the national hectarage could be around
450 000 hectares that surpasses the previous seasons which had 350 000
hectares which produced crop size of 268 000 tonnes.”
” “..
In his 2011 national budget presentation, Finance minister Tendai Biti
said cotton output is estimated to reach 260 000 tonnes in 2010 from 211
000 tonnes in 2009.
” “..
The promulgation of Statutory Instrument 142 of 2010, which protects
both cotton farmers and cotton buyers, through prohibiting side
marketing has built confidence in the sector.
” “..
As a result, contractors who had withdrawn from the sector in 2009
returned increasing the number of supported farmers. In 2011, cotton
production is projected to further increase to 300 000 tonnes. ” “..
The International Cotton Advisory Committee, a body comprising the
world’s cotton producing countries, has projected a seasonal average
price of US$1,56 cents per pound of processed lint.
” “..
“The highest daily average lint price quoted by Cotlook has been US$2,05
cents/pound (4 February 2011) and the lowest at the start of the
2010/11 season was US86 cents per pound. This is against the background
of robust demand for lint at a time when world stocks are low and supply
is limited,”said Buka
” “..
Limited supply of cotton was due to floods in major producing countries,
the depreciation of the US dollar, very low stock of cotton lint
globally and the increase in demand as world spinning mill consumption
is going up especially in India. ” “..
Buka said: “The surge in the international prices of cotton is a welcome
development and if the current trends are maintained both contractors
and farmers will benefit from this. An increase in total revenue from
the lint exports will boost Zimbabwe’s balance of payments (BOP) account
position as there will be significant foreign currency inflows.”
”
Date:2/23/2011
Source:www.fibre2fashion.com