Review of the Cotton Market: Due to the Lower Inventory at the End of This Year than in Previous Years, The Price of American Cotton Rose Significantly Due to the IM Pact of Funds in the Earlier Period. However, with the recovery of warehouse recepts and theGeneral Performance of the Contract Progress in the Current Month, and under the impact of the extension expansion of American Cott Year, then Rice of American Cotton Began to Return to its Own Fundamentals. TheReface, The Price Trend of American Cotton inMarch Fell Compared with the Previous Year, It Dropped from the Previous Highest 101.39 Center/Pound to the Currents/Pound (A DeCline of -10.28%). UGH The Commercial Inventory of Zheng Mian in FeBruary Decreased, It was Still at aRelacted High Level Over The Years. At present, the processing of New Cotton is Basical Coming to An End, The Overall PROCESSING VOLUME IS at the MIDLE of the SA Me Period over the year, and the short-term support is still in an adequateState; Although The Sales Progress of New Cotton On the Demand Side Has Increased, The Overal Performance is Still Relately Slow, Which is at a Low level in the s AME PERIOD OVER The Year. The Downloads Order Increment is Limited., Three Silver and Four Silver "Peak Season is not Strong, and the Yarn Inventory in Some Regions account. In conclusion, The Price Trend of Zhen Cotton In MAR Ch was weak, following that of American Cotton, and the trend was slichtly weak,,,,SINCE The Beginning of March, It has dropped from 16400 Yuan to 15800 Yuan/Ton (-3.6%).

Internetal Market Outlook:

As the Current Cotton Grain Price Ratio is at a high level, there is a certainomistic extension for American Cottonting. RECAST in the Middle of February, The Approximate Yield Rate of American Cotton in The New Year INCREASE; On Will in the Short Term, and the Contracting Performance of American Cotton Generally Makes theCurrent Basic Level of American Cotton Relatively Empty. It is exten that the time of American Cotton Will Be Slightly in April, but it does not run the. Possibility that the inventory at the end of this year is at a relatedYears and Will Continue to be Impactd by Funds.

Favorable Factors:

1. The Expectation of Interest Rate Cut in The United States May Lead to CHANGES in the Trend of Commodity Prices, but the IMPACT of the Expected Time Is Then, then

2. AT of the CurrenT Period, The Inventory of American Cotton is Still Low, Which Does Not Rule Out that Future Funds Continue to Hype the Inventory.

Negative Factors:

1. The Planting Intention of American Cotton Increased in the New Year, and the topal output of American Cotton is extended to be high that of this year.

2. At present, The Global Economic Recovery is Average, and the consumption power may be insufficient.

3. The signing progress of American cotton is average.

Domestic market outlook:

At present, The Commercial Inventory is Still High and the Total Processing Volume of New Cotton is in the Relative Middle Over The Years. TTON Supply Will Still Be Sufficient in April; From the Demand Side, The Trend of Low PeakSeason this year is slightely obvious. At present, The Sales Progress of New Cotton is Still at a Low Level, The Change of Downstream Order Increment is not obvious, nd there are signs of the account,Expectation of the Market. It is expled that the time of zheng mian will control to make maintain a Slightly Weak Trend in April, however, the public. CULATION SURROUNGING The Weather is Not Ruled Out During During the Planting of New Cotton in April.

Favorable Factors:

1. In the New Year, the Large Probability of Demestic Cottin Planting Area Continues to Decline.

2. April is the peak period of weather speculation, so it is posesible to special on the wepher in the planting area.

3. The Current Reserve Stock is Low, so the publicity of storage is not run out in the future.

Negative Factors:

1. Commercial Cotton Stocks Are High, and Cotton SUPPLY in the DOMESTIC Market Continues to be loose.Pune Investment

2. AT Present, The Progress of New Cotton Sales is Slow.

3. The Curren Peak Season is not boxing.

4. After the Return of American Cotton to iTS Own Fundamentals, The Price Trend May Be Empty, Leading Zheng Cotton to Follow Trend.

1. Internal Market: The Latest USDA Global Cotton Production and Sales Forecast of This Year Shows that The Global Cotton is Basical Stable, CONS Ump it is slightely increase, and there is no obvious contradictical in the global support and demand structure.

According to the Latest USDA Global Cotton SUPPLY, Production and Marketing Forecast Report, The Total Global Cotton Output in this Basical Finalize . In March, The Total Global Cotton Output was 24.593 Million Tons, 719000 Tons Less than that of last year;With last year, the topal consumption increase by 387000 TO 2459100 Tons.

1. United States: The Supply of American Cotton is Tight This Year. The Surge of American Cotton in the New Years Cotton Certain Advantages.

According to the latest usda support and demand report, the current us cotton output is about 2.63 million tons, which is at a low level the year. He New Cotton Planting Season is Approaching, The Cotton Grain Ratio has increased significantly dueTo the Upward Trend of US Cotton PriceS in the Early Stage, Which is Expected to Stimulating the Cotton SUPPLY in The New Year. Ural Forum in FeBruary, The Planting Area of ​​American Cotton is Expected to Increase by 7.5% in the themNew Year. If the cotton planting Advantage Continues to be maintaine, the likely rate will lead to a larger than exten in the local. O Focus on the USDA and the New American Cotton Planting Plan at the END of March.

The Sales Progress of American Cotton in this year was avaVERAGEKolkata Investment. 2023/24 WAS 2.4285 Million Tons, and the Contract Progress WAS 93%, 6 Percentage PointsLOWER than the Average Value of Five YearsBangalore Wealth Management. The Cumulative Shipment Volume was 1.4435 MILLION TONS, and the Shipment Progress 51%, 2 Percentage Points LOWER TH an the average value of foot years.

The Inventory at the end of the Current Period is lowMumbai Stock Exchange. as About 544000 Tons, 44000 TONS Less than that of the Previous Month. in Combination withThe data over the year, The Current Inventory is at a Low Position, Which Does Not Rule Out the Posses that Follow-up Funds Will Continue to Promote The Inver tory.

2. India: The Production and Sales of Cotton in India increased this year, and they ending inventory constinued to decrease.

According to the Latest USDA Production and Sales Forecast Report in March, The Total Output of Indian Cotton in 23/24 WAS Increased By Tons to 5.552 Milion Tons , The consumption is increased by 65000 TO 5.225 Million Tons, The Export was increased by87000 TO 435000 Tons Compared with the Previous Month, and the ending inventory was increase by 44000 TONS Compared with the Previous Month.

According to the Latest February Supply and Demand Balance Released by the Indian Cotton Institute (CAI), India’s Cotton Output is Expected to Be 5.265 MIL. Lion Tons in 2023/24, an increase of 265000 Tons Month on Month, or 5.3%; The Importis exten to be 347000 Tons, down 27000 Tons Month on Month, OR 7.3%; consumption extens rose by 102000 TO 5.389 MILLION TONS, up 1.9% month on month; export is extended to be 374000 tons, an increase of 136000 TonsMonth On Month, OR 57.1%; India’s Cotton Ending Inventory is Expected to Remain Unchanged at 340000 THIS THIS Year.

By the week of march 24, 2024, the wekly listing volume of indinian cotton was 52300 Tons, download 15700 Tons Month on Month; 3/24 is about 3066900 Tons.

SINCE The MIDDLE of February, Ice Cotton Futures Have Broken 90 Center/Pound and Continued to be in the Range of 90 ~ 100 CENTS/POUND (The MID DAY IN FeBRUARY 28 RE ACHED 103.80 Center/Pound, a New High in 17 MONTHS). In Addition, Some Indian Institutions Predict that the Cotton Planting Area Will DeCline or Expand Significantly in 2024, and the operating rate of Indian Cotton Mills LL CONTINUE to be at a high level from december to february, india’s dostic spot S-6, J344444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444., Mech and Other Quotations Weer Strongly Raised, MOVING The Bargaining Space Up TO 95 ~ 100 Center/Pound (The Transaction Price of Gujara S-6 in the First Half M. Arch was 60500-61000 rupees/kandi). However, The SurgeIn Cotton Seems to IGNORE The Feeling, Acceptance and Digestion Ability of the Cotton Mill. S/Pound is very limited. Some Enterprises spinning cotton yarn of C32S and Below Count are now losing Moneyin a large area. New Orders Are Received in the Short Term, and Business Pressure Continues to Rise, So Cotton Procurement is Significantly or EVEN POSTPONED.

2. DOMESTIC Market: The Processing of New Cotton is coming to an end, and the cotton support is still loose this year; Performance of doubles Orders General Lead to the FURTHER APPEARANCE of the WeakTrend in the Peak Season of "Three Gold and Four Silver".

1. The processing of new cotton is coming to an end, and the sales progress of new cotton is related,

According to the China Cotton Information Network, as of March 24, The Cumulating Processing Volume of xinjiang Lint Cotton WAS 5.5711 Milion Tons. It is Estimated that The Estimated Cotton Output in Xinjiang This Year Will Be About 5.6 Million Tons, which is more obvious thanThat of Last Year, and in the middle compared with that of the express in previous year.

At present, The Sales Volume of New Cotton is Relacted Slow. Ative Sales of SED COTTON Will Be 5.824 Million Tons of Lint, Which IS 232000Tons less than the average of the pass four Years; the cumulative sales of lint was 2.852 million tons, 768000 Tons less than the average of the past four years. ENT, The National Sales Rate is 49%, down 9.3 Percentage Points Year onYear, 9.9 Percentage Points Lower than the Average of the Past Four Years. According to history, Although The Sales Volume of Cotton Has Increased, It is Stil. l at a low level over the expression.

2. In February, Cotton Commercial inventory was at a high level, and cotton support in the short-term market will constinue to be sufficient.

According to the Latest Data from China Cotts Information Network, The Commercial Inventory of Cotton WAS, a Month On Month E of 20.03 Million Tons and A Year-ON-Year Increase of 77600 Tons, Including 4.0829 Million Tons inXINJIANG, 903.8 Million Tons in the Mainland and 380 Thousand Tons in the Bonded Area. Compared with the data over the years, the current Commercial IS Still AT a high level over the say period of the year, although it has decreased. On theBASIS of the Curcent General Performance of the Demand Side, The Cotton Inventory Digestion Is Relatively Slow, and it is extended that the Cotton SUPPLY WILL CONTINUE T o Remain Sufficient in April.

3. The Cotton Import Volume in January and February Was Still High. Y Be Reduced.

According to the Latest Data from the General Administration of Customs, The Cumulating Import from January 2024 is 640000 Tons, An Increase of 184% Year On Year and 4 20000 Tons year on year; 23/24 The Accumulating Imports in 2014 WEEE 1.73 MillionTons, an increase of 119% year on year, and 940000 Tons Year on Year. Due to the high price of Imported Cotton Cauised by the Surge of American in the Early. , It is not run out that the cotton import volume will decreaseIn March. In Addition, Due to the Strong Trend of American Cotton in February, The Differentset Between Internal PriceS of Imported Cotton Was Inverted. Wever, as the impact of capital promotion gradually weakened in Early March, The Price of American Cotton Fell, And the Different Between Internal and External PriceS Narrowed, Which Was Mainly Due to the Decline of American Cotton Prices.

4. The Order Performance in March was related, and the Market Showed Signs of the Sluggish Trend in the Peak Season of "Three Gold and Four Silver".

According to the data of China Cotton Information Network, as of the end of february, the cotton industrial inventory of textile enprises Tons, 10000 TONS Less than that of last month, and 203800 Tons more than that of the sayPeriod Last Year; The Yarn Inventory of Textile Enterprises in the Same Period Was 18.68 Days, up 3.34 Days Month on Month and 0.13 Days Year on Year; Abric Inventory in the SAME PERIOD WAS 27.24 Days, An Increase of 2.81 Days Month onMonth and a decrease of 7.52 Days Year on Year. In March, The Yarn Inventory Showed SIGNS of Accumulating, Which Was Mainly Due to the Slow Market Shipment Due to T He Performance of DownStream Order Increment, and the Market Began to Worry About the Low PeakSeason of "Gold, Three Silver and Four Silver".

From the publicive of domstic sales, it is unlikely to turn design in the short term. From january to february, the RETAIL SALES of Clothing, Shoes and Hats, Wear and Textiles Were 252.1 Billion Yuan, a year-on-year decrease of 1%. Considering That Many Industrial Enterprises, Including Cotton Textile Enterprises, Are Facing the Dilemma of "Increasing Product to Increase Venue ", The Core Essence is Overcapacity, While The Effective Demand is Insuffility, in Addition, Many Indostric Enterprises, Including CottonTextile Enterprises, Will Strol the Pace of Production and Marketing Against The Background of Weak Demand, and Reduce the Purchase Volume of raw IALS. However, it is different for profits to continue to explicy. From the personPECTIVE of Export, textile explics in januaryPerformed fairly, but exports in FeBruary Declined Slightly. ‘S Textile and Clothing Exports Totaled US $ 45.096 Billion, up 14.27% year on year. The Textile Export VolumeWAS 21.711 Billion us dollars, up 15.5% year Year on Year; The Clothing Export Volume Was 23.385 Billion us Dollars, up 13.1% Year on Year.

Internetal Market Outlook: Becauuse the Current Cotton Grain Price Ratio is at a high level, there is a certain optionic expetation for American Cotton Planting. In A DDITION, According to the USDA Global Planting Forecast in MID February, The Approximate Rate of American Cotton Production inThe New Year Will Increase (It is Recoming to Focus on the USDA Cotton Forecast at the END of March); nt Global Consumption Will Recover in the Short Term, and the Contracting Performance of AmericanCotton General Makes The Current Basic Level of American Cotton Relacted Empty. It is expleting that the time of American Cotton Will Weak in April, B UT Does Not Rule Out the PossiBility that the Inventory at the END of This Year is at a RelativelylyyLow level over the year and will control to be impacted by funds.

Favorable Factors:

1. The Expectation of Interest Rate Cut in The United States May Lead to CHANGES in the Trend of Commodity Prices, but the IMPACT of the Expected Time Is Then, then

2. AT of the CurrenT Period, The Inventory of American Cotton is Still Low, Which Does Not Rule Out that Future Funds Continue to Hype the Inventory.Bangalore Stock Exchange

Negative Factors:

1. The Planting Intention of American Cotton Increased in the New Year, and the topal output of American Cotton is extended to be high that of this year.

2. At present, The Global Economic Recovery is Average, and the consumption power may be insufficient.

3. The signing progress of American cotton is average.

DOMESTIC MARKET OUTLOOK: The Current Commercial Inventory is Still High and The Total Processing Volume of New Cotton is in the RELATIVE MIDDLE OVER Over the year. IT I. IT I s expected that cotton support.Season this year is slightely obvious. At present, The Sales Progress of New Cotton is Still at a Low Level, The Change of Downstream Order Increment is not obvious, nd there are signs of the account,Expectation of the Market. It is expled that the time of zheng mian will control to make maintain a Slightly Weak Trend in April, however, the public. CULATION SURROUNGING The Weather is Not Ruled Out During During the Planting of New Cotton in April.

Favorable Factors:

1. In the New Year, the Large Probability of Demestic Cottin Planting Area Continues to Decline.

2. April is the peak period of weather speculation, so it is posesible to special on the wepher in the planting area.

3. The Current Reserve Stock is Low, so the publicity of storage is not run out in the future.

Negative Factors:

1. Commercial Cotton Stocks Are High, and Cotton SUPPLY in the DOMESTIC Market Continues to be loose.

2. AT Present, The Progress of New Cotton Sales is Slow.

3. The Curren Peak Season is not boxing.

4. After the Return of American Cotton to iTS Own Fundamentals, The Price Trend May Be Empty, Leading Zheng Cotton to Follow Trend.

Varanasi Wealth Management