CAI Retains Cotton Pressing Estimate Amid Market Dynamics
Date
1/11/2024 2:14:16 PM
(MENAFN- KNN India) Mumbai, Jan 11 (KNN) The Cotton Association of India (CAI) has released its December estimate for the ongoing 2023-24 cotton pressing season, reaffirming its projection at 294.10 lakh bales of 170 kg.
This decision was made after considering input from members of 11 cotton-growing state associations and various trade sources.
The stock at the end of December is estimated at 62.90 lakh bales, including 36.00 lakh bales with textile mills and 26.90 lakh bales with CCI, Maharashtra Federation, and others.
The total supply until the end of December 2023 is estimated at 148.90 lakh bales of 170 kg.
This supply includes arrivals of 116.00 lakh bales, imports of 4.00 lakh bales, and an opening stock estimated at 28.90 lakh bales.
CAI has reported cotton consumption up to the end of December 2023 at 81.00 lakh bales and export shipments at 5 lakh bales.
The CAI has maintained its total cotton supply estimate for the entire 2023-24 season, ending on September 30, 2024, at 345 lakh bales.
The domestic consumption estimate remains the same as the previous year at 311 lakh bales, while exports for the season 2023-24 are projected at 14 lakh bales.
These estimates shed light on the dynamics of the cotton market, emphasising factors such as pressing numbers, imports and consumption that contribute to the overall outlook for the ongoing season.
(KNN Bureau)
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