Cotton crop in North India is under threat of Pink Bollworm (PBW) attack and the intensity of pest attack has been observed more this year as compared to last two years. While PBW in cotton was seen only at the end of the season during Kharif 2022-23 in the north, this year the pest has appeared early in the season, posing a major threat to farmers. Because the arrivals in Punjab have been recorded almost one-third as compared to the previous year, 2021-22. Cotton arrivals in Punjab have been recorded at 8.7 lakh quintals in the 2022-23 marketing season so far this year, as against 28.89 lakh quintals for the entire 2021-22 season.
The USDA's weekly export sales report showed net sales of 277,700 running bales of cotton for 2023/2024, with growth mainly attributed to China. During this kharif season, cotton cultivation in Gujarat has achieved a remarkable feat surpassing the record of the last eight years. Farmers in the state have successfully sown cotton in an area of 26.64 lakh hectares, in sharp contrast to the decline seen in other major cotton growing states. Gujarat, known as India's largest cotton producer, has completed cotton sowing in a total of 26,64,565 hectares (ha) till July 31, according to official data from the state agriculture directorate. In the main spot market Rajkot, the price closed at Rs 29267.85 with a gain of 0.05 per cent.
Technically the market is in fresh buying phase as the market has seen an increase of 0.52% in Open Interest and closed at 383 while the price is up by Rs 320, now cottoncandy is taking support at 60280 and below it Testing of 59790 level can be seen, and resistance is now likely to be seen at 61080, on the upside the price could test 61390.
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