Cotton Prices in India Hit 9-Month High, Global Surge Reflects 18-Month Peak in February 2024"
The latest news on cotton prices in India indicates a significant surge to a 9-month high, breaking the Rs 61,000-mark per candy. This increase is attributed to a combination of factors including low crop arrival and high demand. Globally, cotton prices have also experienced a notable uptick, reaching an 18-month high, with a rise of 27% globally and 16% in India during February 2024.
The ICE futures, a global exchange index, has observed 65-70 percent Open Interest with Funds and Speculators, reflecting increased interest and activity in cotton futures.
Cotton exports from India are estimated to reach a two-year high in February, totaling 400,000 bales, with Gujarat contributing 42,000 bales daily. The Gujcot association report indicates that Indian cotton has maintained competitiveness in global markets, resulting in an estimated 2.5 million bales exported in the 2023-24 period. Key importing countries include China, Bangladesh, and Vietnam.
In the 2023-24 season, approximately 215 lakh bales arrived in the country, with 75-80 lakh bales held by farmers, 32 lakh bales with the Cotton Corporation of India (CCI), and trade accounting for 18-20 lakh bales. This data suggests a robust performance in the cotton market, driven by both domestic demand and global export opportunities.
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