Due to profit-taking after recent advances, cotton candy saw a small decrease of -0.32%, ultimately finishing at 56240. In order to influence market dynamics, the Cotton Association of India (CAI) kept its pressing forecast for the 2023–24 season at 294.10 lakh bales. The President of CAI said that opening inventories, imports, and market arrivals were all included in the projection of 92.05 lakh bales for the entire supply through the end of November.
According to reports, the infestation of pink bollworm in cotton crops has decreased, falling from 30.62% in 2017–18 to 10.80% in 2022–2023 in a variety of cotton-growing zones. At the same time, certified cotton stocks that were on contract for delivery saw a sharp decline from their peak on December 1.
Brazilian cotton exports reached 253.71 thousand tons in November 2023, up 12% from October 2023 but down 5.5% from November 2022. For the second year in a row, the International Cotton Advisory Committee (ICAC) predicted that there will be an excess of cotton produced worldwide, with production rising to 25.4 million metric tons in the 2023–2024 season.
The cotton balance sheet for the United States in 2023–2024 reveals constant exports, slightly decreased consumption, and increased output and ending stocks. The global balance sheet for 2023–2024 shows increasing production and stockpiles but decreased consumption. Based on technical analysis, the market is showing signs of new selling, with open interest rising by 3% to 206 and prices falling by -180 rupees.
