Market Movement from 24th May 2021 to 29th May 2021
- No Major movement on ICE cotton futures during this week. With minor ups and downs NY December closed 10 points higher and July lost 70 points which created some higher carry in July-December spread.
- U.S. Export Sales continued to creep higher this week as mills take advantage of lower prices. U.S. exporters were able to book net new sales of 1,71,200 Upland bales for this marketing year and 92,400 for next. Pima sales were 12,700 bales. On top of all that, combined Pima and Upland export shipments were 3,41,000 bales. Now commitment is ahead of new target while nearly 12.9 million bales already shipped.
- Indian cotton market was onn full Bull run and Gujarat Shankar 6 crossed 48,500 Rs a candy. CCI was able to sell good quantity during this week with increasing rate in all varieties.
- Ginners have lower cotton stocks and they hold stock with uptrend in market.
- Arrivals are very low and demand is excellent.
- Mills get very good orders from abroad so they do not want to decrease their inventory. Mills has purchased handsome quantity from CCI and MNCs.
- Indian basis are now 300 points positive to NY July. At this level Indian price are higher to get much order from abroad. But India raw cotton export well on target to reach nearly 70 lakh bales.
- Indian rupee got stronger from 72.96 to 72.44 during the week.
- Cottonseed price remain firm near 750-770 Rs per 20 kg which supported ginners' parity.