Cotton Drops As CAI Revises Production Estimates Up To 309.70 Lakh Bales

Cotton candy prices fell by 0.13% to 62000, owing to upward adjustments in production projections by important organizations such as the Cotton Association of India (CAI) and Cotton Corporation of India (CCI).

CAI and CCPC upgraded their crop production forecasts for the current season, contributing to enhanced supply projections for natural fiber. Cotton Australia’s increased revision of output predictions exacerbated oversupply concerns, putting downward pressure on prices.

Internationally, the United States saw reduced production and ending stock expectations for the current cotton season. However, worldwide supply and demand estimates for 2023/24 showed stronger output, consumption, and trade, albeit lower ending stocks.

The Southern India Mills Association (SIMA) urged textile mills against panic buying, citing recent increases in local cotton prices. This price increase raised concerns about declining export demand as domestic prices reached international ones.

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