ok, your query is good and the value of the variable is fine. Now do this
$itemcode = $HTTP_POST_VARS['itemcode'];
$query = mysql_query("DELETE FROM CD_data WHERE Item_code = '$itemcode'") or die(mysql_error());
And tell me if that outputs anything. Also, make sure you have made a connection to your mysql server and selected a database.
Also, are you processing this at the top of the page (and not inside of any html).
You also didn't have mysql_query in your first post, but I'm assuming you ran a mysql_query on that variable. Anyways, use the above code, tell me what it outputs. If it doesn't output anything, check to see if it worked or not.
Cgraz