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Prices2 Oct 2017China’s expected cotton supply for the 2017/18 market year was revised upwards by 0.2% in September relative to expected total supply in August, thanks to an upward revision in imports and initial reserves. Meanwhile, Pakistan’s cotton trade deficit was revised upwards by 10.8%, due to higher-than-expected imports. Pakistan’s YTD textile trade surplus dropped by 11.2% in 2017 up to July, relative to the same period the year before. In India, new arrivals from mid-September led to cotton prices sliding downwards, due to a lack of spinning mill buyers. Yarn demand was weak, meaning there was no incentive for mills to increase their inventories. The Indian government introduced a fixed minimum support price of Rs4,230 for one quintal of cotton, in order to protect the interest of farmers in the country. In the US, a source has stated that damages in cotton supply following hurricanes Irma and Harvey were less than previously expected, due to cotton bolls not being open during the hurricanes. Closed bolls increased the likelihood of existing supply surviving the hurricanes, as fibres wouldn’t be exposed to rains and winds would be less able to knock down the plants. In Texas, the harvest had already begun, and cotton that made it to its warehouse was most likely protected by the storm. 30-40% of cotton plants in the South-East had their bolls open during hurricane Irma.
