The price of cotton candy saw a decrease of -0.66%, ending at 57620. This was driven by an increase in prices abroad as a result of a reduction in unsold inventory and a depreciating US dollar. For the 2023–2024 season, the world cotton market experienced revisions to its consumption forecasts.
India, Indonesia, Pakistan, Uzbekistan, and Turkey saw their share of consumption cut, with a predicted decline of 1.3 million bales. A 2.0 million bale increase in 2023-24 ending stocks was the result of greater beginning stocks and lower consumption, despite stronger global output driven by larger cotton crops in China and Argentina.
In terms of domestic consumption, the Cotton Association of India (CAI) kept their projections for 2023–2024 at 311 lakh bales. The urgent projections were kept at 294.10 lakh bales for the same time period. An estimated 345 lakh bales of cotton were produced overall by the end of the 2023–2024 season.
Enhanced productivity and expanded cultivation led to Brazil’s 2022–2023 cotton production reaching all-time highs. Nonetheless, weak demand caused problems for cotton prices globally, which resulted in higher stocks everywhere.
