Prices for cotton candy decreased significantly by -1.86% yesterday, leveling at 60,120. The main causes of this reduction were the reduced demand worldwide and the expectation of a better harvest in nations such as Australia. For the upcoming season, 2024–2025, the International Cotton Advisory Committee (ICAC) predicted gains in cotton-producing areas, production, consumption, and trade.
Compared to the previous season, projections show a 3% increase in cotton-producing area, a 2.5% increase in production, a 2.9% increase in consumption, and a nearly 4% gain in the worldwide cotton trade. In India, prospects of higher output were highlighted when the Cotton Association of India (CAI) and the Cotton Corporation of India (CCI) revised upward their forecasts of cotton production for the current season.
Nonetheless, because of projected acreage changes towards other crops with higher returns, India’s cotton production for MY 2024–2025 is predicted to drop by 2%. Comparably, it is anticipated that China will import more cotton in MY 2024–2025 to meet the growing demand for textile and clothing goods.
Imports are predicted to rise in response to the recovery in textile and garment exports and rising consumer demand. The spot market experienced a slight decrease in prices of -0.02% to close at 28,864.5 Rupees in Rajkot, a significant hub for cotton trade.
