Market Movement from 18th Oct 2021 to 23rd Oct 2021.
Another highly volatile week with daily trading range of more than 300 to 400 points in NY future.
Decent US Export sales but market ignored it and closed 400 points lower on Thursday. NY December ultimately closed with 93 points gain.
US Export sale was 4,15,000 bales for current year and 63,900 bales for next marketing year. China was main buyer.
Market worried about news of new virus and electricity shortage in China expecting reduction in Chinese consumption which created panic in NY future market.
Chinese futures softened.
Pakistan spot rate first time touch 15,000 PKR.
Indian arrival first time cross 1 lakh bales in current season. Despite good arrivals physical market remained strong and cross 62,000 mark for Shankar-6 cotton.
Rapid fall in cottonseed rate created disparity to ginners, Indian physical cotton does not follow decline in NY Cotton futures.
Indian basis narrowed due to strong local physical market but still in negative and attractive to buy for basis players.
Indian arrivals crossed 1,20,000 bales a day while Gujarat arrival is also nearly 30,000 bales a day.
Demand in cotton is excellent and daily arrivals is absorbed regularly.
We can expect better arrivals in next week with improvement in quality.
Latest News
U.S. EXPORT SALES
For Week Ending 28-Jul-2022
2021-2022
Net Upland Sales -1,12,400
Upland Shipments 2,79,700
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