Category: YARNS
Country: India
Region: Asia
By Investing.com
Dt. 01-01-2025, 04:03 pm
Cottoncandy prices edged up by 0.39% to ₹54,370, supported by increased cotton yarn prices in South India due to strong garment industry demand and robust export orders. Despite this, global cotton production for CY 2024-25 is forecasted to rise by 1.2 million bales to 117.4 million bales, driven by higher outputs in India and Argentina. However, North Indian states like Punjab, Haryana, and Rajasthan reported a significant 43% drop in kapas arrivals until November 30 compared to the previous year, causing supply chain concerns. Farmers are holding back produce in anticipation of higher prices, exacerbating raw material shortages for ginners and spinners.
India's cotton pressing estimate for 2024-25 remains steady at 302.25 lakh bales of 170 kgs each, while consumption is pegged at 313 lakh bales. Cotton imports are expected to surge to 25 lakh bales, up by 9.8 lakh bales from the previous year. By November 30, around 9 lakh bales had arrived at Indian ports. Closing stock for September 2025 is projected at 26.44 lakh bales, a decline from last year’s 30.19 lakh bales. On the global front, U.S. production is revised higher to 14.3 million bales, and world production is up to 117.4 million bales. Increased consumption in India, Pakistan, and Vietnam offsets declines in China.
Cottoncandy witnessed fresh buying as open interest rose by 1.09% to 371 contracts. Support is seen at ₹54,210, with a potential downside to ₹54,050. Resistance is expected at ₹54,540, and a breakout above could push prices to ₹54,710.
Courtesy: In.investing.com
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