Prices for cotton candy increased slightly by 0.55% to settle at 58660, driven by strong demand from major consumers such as Bangladesh and Vietnam for Indian cotton. Net sales for the 2023–2024 season increased significantly, according to the USDA’s weekly export sales report. These sales were up 79% from the previous week and 64% from the previous four-week average.
Even with this encouraging trend, forecasts of better crops in nations like Australia restrained the upward trajectory. For the upcoming season, 2024–2025, the International Cotton Advisory Committee (ICAC) forecasts growth in several indicators, including trade, consumption, and output.
However, due to declining production and increased demand, India’s cotton stockpiles are predicted to shrink by around 31% in 2023–2024, hitting their lowest level in more than three decades. This stockpile reduction could boost worldwide prices by restricting shipments from the second-largest producer in the world, but it might also put pressure on local textile companies’ profit margins.
India is predicted to produce slightly less cotton this season than last, while consumption is forecast to increase. It is anticipated that the nation’s cotton exports will rise due to the robust global demand. Furthermore, it is expected that China will import a substantial amount of cotton for the 2024–2025 marketing year due to the increased demand for domestically and abroad textile and clothing products.
