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. USDA data showed that the projected 2023 US crop remained unchanged at 16.5 million bales. However, adjustments were made in other areas as acreage sown decreased, abandonment decreased, and expected yields decreased. In addition, exports were cut by 100,000 bales for the soon-to-end 2022 crop year, and by 250,000 bales for the 2023 crop. In the main spot market, Rajkot, the price closed at Rs 28824, up by 0.11 per cent.
Technically the market is under short covering as the market has seen 0% fall in Open Interest and closed at 381 while the price is up by Rs 220 now cottoncandy is taking support at 60120 and below it is 59810 The level can be seen testing, and resistance is now likely to be seen at 60620, on the upside the price could test 60810.
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