A decrease in unsold inventory helps cotton gain amid an increase in overseas prices

The price of cotton candy experienced a little increase, closing 0.45% higher at 57500, driven by a decline in unsold inventory, a rise in international prices, and a weakening of the U.S. dollar. predictions of consumption for the 2023–2024 season were revised downward on the global cotton market, with a decrease of 1.3 million bales attributed to lower predictions for India, Indonesia, Pakistan, Uzbekistan, and Turkey.

The domestic cotton consumption forecast for the 2023–24 season was kept at 311 lakh bales by the Cotton Association of India (CAI). According to the observations of CAI, pressing projections for the season were 294.10 lakh bales, and the total supply of cotton until the conclusion of the season (September 30, 2024) stayed at 345 lakh bales.

Improved productivity and extended cultivation led to record-high cotton production in Brazil during the 2022–2023 season. From 30.62% in 2017–18 to 10.80% in 2022–2023 the pink bollworm infestation in India’s cotton crop has decreased. The country’s cotton-growing regions in the north, center, and south appear to be experiencing a decline in pink bollworm infestation.

When comparing November 2023 to October 2023, Brazilian cotton shipments climbed by 12% to 253.71 thousand tons. But in contrast to November 2022, it represented a 5.5% drop. Worldwide cotton production is expected to surpass global demand for the second year in a row, according to projections made by the International Cotton Advisory Committee (ICAC).

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