Yesterday, cotton candy declined -0.54% to close at 59380 as concerns about the economy of the natural fiber’s largest consumer, China, cast a shadow over expectations for demand. The next season (October 2023–September 2024) will likely see a 3% reduction in global cotton production, but consumption may remain unchanged, and ending inventories may be lower.
The Cotton Association of India (CAI) kept the 311.18 lakh bale prediction for the cotton crop production for the 2022–23 season. The CAI has assessed the opening stock at 24 lakh bales at the start of the season, bringing the overall supply of cotton for the period from October 2022 to July 2023 to 332.30 lakh bales, which includes arrivals of 296.80 lakh bales, imports of 11.50 lakh bales, and other factors.
In Punjab, arrivals were roughly a third lower in 2021–2022 than they were the year before. Currently, 8.7 lakh quintals of cotton have arrived in Punjab for the 2022–23 marketing season, compared to 28.89 lakh quintals for the entire 2021–22 season.
According to the USDA’s weekly export sales report, net sales of cotton for 2023–2024 were 277,700 running bales, with rises mostly for China. Gujarat’s cotton farming has broken all previous records this Kharif season, which is a great accomplishment. A significant spot market in Rajkot saw the price conclude at 28848.05 Rupees, up 0.04 percent.
