Cotton prices, as indicated by Cotton candy, dropped by -0.63% to settle at 57020. Reduced predictions for global demand in 2023–2024 contributed to the decline, especially in major cotton-producing nations including Turkey, India, Indonesia, Pakistan, and Uzbekistan.
In addition, a 2.0 million bale increase in world-ending stocks for 2023–2024 was caused by higher beginning stocks and output combined with reduced consumption. The domestic cotton consumption estimate for the 2023–24 season, as maintained by the Cotton Association of India (CAI), is 311 lakh bales, with pressing projections coming in at 294.10 lakh bales.
It is anticipated that 345 lakh bales of cotton will be produced overall through the end of the 2023–2024 growing season. In the meantime, increased productivity and cultivation led Brazil to record-breaking cotton production for the 2022–2023 season. But due to weak demand around the world brought on by the state of the economy, cotton prices fell globally and stocks rose.
India’s reports show that the infection of pink bollworm in cotton fields has decreased, from 30.62% in 2017–18 to 10.80% in 2022–2023. November 2023 saw a boost in Brazilian cotton shipments globally, up 12% from October but down 5.5% from November 2022.
