Cotton prices, shown as “Cotton candy,” dropped significantly by -0.85%, ending the day at 60,540. This decrease is in keeping with the difficulties facing the global cotton sector, which will likely see a decline in both output and consumption throughout the forecast period of 2023–24.
According to predictions, the U.S. will produce and export less cotton, which will result in lower ending stockpiles. Upland cotton is expected to cost 80 cents a pound on average throughout the season in the United States.
India is currently dealing with a 3.65 lakh hectare decline in cotton seeding, mostly as a result of bad monsoon conditions in Gujarat and the shutdown of significant mills. Parts of North and South India have begun receiving the new cotton harvest, and prices are currently higher than the minimum support price.
In the upcoming weeks, Telangana’s cotton harvest is anticipated to pick up steam. The cotton pre-sowing price projection for 2023–2024 assumes average rainfall and expanded crop areas. Cotton prices decreased -0.32% to settle at 29,268.45 Rupees in Rajkot’s main spot market.
