Market Movement from 30th Jan 2023 to 04th Feb 2023.
• NY March traded all week ups and down all alternate day but in small range of 85 to 87 cent. Better export sales support the price but ultimately close in red. NY March close with loss of 146 points W/W.
• Export sales was decent 1,70,000 bales for week. Shipment also improve to 2,20,000 bales.
Cotton’s Great Expectations and Its Sobering Reality February 03, 2023
Cotton’s week was filled with expectations of great sales to China, a breakout to higher prices, and the industry patting itself on the back as demand shot higher. The reality: Cotton prices moved lower on very average export sales and shipments, while economic reports point to potentially higher inflation and a further reduction in consumer spending.
• Stock Market Strong in January • Export Sales Report Showed Encouraging Sales
March futures had a mixed week, remaining in the back-and-forth trading range that has been present the past few months. Overall, most commodities had a good start to the week, with cotton in particular finding support from China.
The cotton market was materially lower Friday, as outside trading was significantly bearish.
The cotton market was materially lower Friday, as outside trading was significantly bearish. Crude oil, gold, silver and cotton grains were all down in relation to the Labor Department's surprisingly strong report. Expectations were for 190,000 jobs, but the issue number was 517,000 new jobs.