The Commodity Trading Department of was right: there were no major changes in the global production and consumption of cotton.
The level of production stayed almost unchanged. The forecast was exceeded just by 300K bales. The consumption volume declined only by 800K bales.
The export and import saw no major changes as well. However, the forecast for the ending stocks was upgraded by 2.27 million bales.
The data seem to have pressed the price of cotton. The cotton futures contract for December delivery depreciated down to $72.5 per bale. Buyers got less active after that. According to Commodity Trading Department of , the price is currently fluctuating within the 72-73, range. The experts say that the overall bias is bearish. Therefore, the price behavior is expected to stay flattish with a tendency to go down gradually.
