Cotton prices declined due to profit taking

Due to profit booking, Cottoncandy had a -0.63% decline, finishing at 60,400 after earlier price hikes brought on by news of a pink bollworm attack in Haryana’s cotton region. Reduced output and consumption in the forecast period of 2023–24 provide problems for the global cotton business.

Cotton output, exports, and ending stocks are expected to decline in the US in 2023–2024, but starting stockpiles are expected to increase. For the 31st day of July 2023, unexpectedly high warehouse stocks were observed.

It is anticipated that U.S. cotton production will be 860,000 fewer bales, while ending inventories and exports will also be reduced. 80 cents per pound is anticipated as the season’s average price, an increase of 1 cent from the previous month.

Reduced starting inventories, output, consumption, trade, and ending stocks are also projected for the world’s cotton in 2023–2024. With a sizable planting area, the Indian cotton season of 2023–2024 is anticipated to produce 330–340 lakh bales. The current season produced 335 lakh bales, and more harvest is still coming in.

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