Recovery continues in cotton production for 2017-18 with a projected 11 per cent growth due to increased area to a projected 25.4 million tonne (MT).
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Q2 is the first quarter post-GST. And much like other sectors, apparel brands and retailers too were busy putting GST processes in place and sales suffered a big blow. July was the first month when the industry emerged after clearing pre-GST inventories.
The International Cotton Advisory Committee’s Secretariat has forecast that the A Index in 2017-18 will range between 54 cts/lb and 87 cts/lb with a midpoint of 69 cts/lb. The midpoint would be 13 cts/lb lower than in 2016/17. This follows the large increase of 12 cts/lb from 2015-16 to 2016-17, which suggests that such a drop is not unreasonable.
PE and PP prices do not track crude prices closely and the global crude oil price fluctuations in Q3/Q4 2016 barely impacted PE and PP prices.
After a slowdown in Q3 post-demonetisation business the Clothing Manufacturers Association of India’s (CMAI) Q4 Apparel lndex (January-March FY2016-17) reveals that the apparel industry is slowly and surely making a recovery. The Q4 Index shows growth has improved mildly with overall index value moving up to 2.25, compared to 1.4 points in Q3.
Spot benzene prices in Asia were volatile in the week ended 12 May as a result of uncertain outlook caused by downstream buyers staying on the sidelines and spot benzene FOB (free on board) Korea prices recovered to $715-725/tonne as of closing of assessment recently, after dipping close to $700/tonne. on Tuesday.
The International Cotton Advisory Committee Secretariat has forecast that the season-average Cotlook A Index in 2016/17 will range between 66 and 83 cts/lb, with a midpoint of 74 cts/lb, which would be 4 cts/lb higher than last season.