The price of cotton, depicted as cotton candy, increased slightly by 0.07% to settle at 56420. Based on information from trade sources and state associations that cultivate cotton, the Cotton Association of India (CAI) kept its pressing estimate for the 2023–24 season at 294.10 lakh bales. With market arrivals, imports, and opening stockpiles included, the estimated total supply through the end of November was 92.05 lakh bales.
A decrease in pink bollworm infestation in cotton crops is reported, with a drop from 30.62% in 2017–18 to 10.80% in 2022–2023 years. On December 1st, certified cotton stocks for delivery against contracts were 87,770 bales; by December 5th, those stockpiles had significantly decreased to 6,325 bales. Shipments of Brazilian cotton rose in November but fell marginally from the same month the previous year.
For the second year in a row, the International Cotton Advisory Committee (ICAC) predicts that global cotton production will surpass global demand. In the 2023–2024 season, it is predicted that global cotton lint production would increase by 3.25% to 25.4 million metric tons, while consumption will slightly decrease to 23.4 million metric tons.
Cotton futures have been under pressure to decline due to weak demand, which is reflected in a 5-week low in global cotton bookings. The cotton balance sheet for 2023–2024 in the United States reveals somewhat lower demand but increasing production and ending stockpiles. A 2.56% increase in open interest, which settled at 200, indicates that new buyers are entering the market technically.
