The International Cotton Advisory Committee (ICAC) on Tuesday lowered its global price outlook for cotton in December 2022 compared to its projections.
A month ago, ICAC data scientist Matthew Looney said Indian cotton supplies were well behind historical levels for that time of the season and suspected farmers were holding their cotton in the hope of better prices.
Its effect was reflected in the prices of cotton in the domestic and international markets. The benchmark processed cotton of 29 mm length was trading at ₹68,500 per candy (of 356 kg) on December 2, 2022. However, as the arrivals started picking up, the prices started correcting and was last seen at ₹61,800 on Tuesday.
ICE Cotton futures on December 2, 2022 quoted at 83.2 cents, while it is currently bidding at 81.34 cents.
In its comments on whether Indian farmers have started offloading stocks, ICAC said, "Whether they have seen the recent slight stabilization in prices and decided to take advantage, or whether they want to sell cotton more The pace of cotton arrivals in India has picked up in the last month.
Meanwhile, raw cotton continued to arrive in Gujarat markets. At the Rajkot APMC market in Saurashtra, arrivals were recorded at 110 tonnes, with prices ranging between ₹7,500-₹8,300 per quintal.
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