According to foreign news, cotton demand in India’s domestic and foreign markets has begun to slow down recently, and international market prices have weakened. The domestic cotton spot price in India fell 5% to 82.50 cents/pound. In the past week, the average daily volume of Indian cotton on the market has reached the highest level of 200,000-205,000 bales, and about 45% of cotton production has been on the market in January.
In the past week, the price of India’s MCX February futures contract exceeded the important resistance level of 20,400 rupees per package, and there will continue to be a downward trend in the short term. The launch of new cotton in India is accelerating, and cotton prices may continue to drop
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