Blocked Indian cotton exports provide support to the market
According to Reuters, Indian cotton exporters canceled some export contracts and delayed shipments of other contracts, providing support for recent external prices.
Reports say that because domestic cotton supply cannot keep up, some Indian factories have begun to import cotton. The obstruction of Indian cotton exports will provide more opportunities for the export of US cotton, Brazilian cotton and West African cotton.
According to the February monthly report of the United States Department of Agriculture, India’s cotton exports remained at 4.4 million bales, domestic consumption increased by 500,000 bales to 23.75 million bales, imports remained at 1.8 million bales, and output remained at 27 million bales. Blocked Indian cotton exports provide support to the market
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