Gujcot Weekly Report
Posted : November 23, 2022
Market Movement from 14th Nov 2022 to 19th Nov 2022.
- NY December gained 300 points on Tuesday, but came down in last two days of the week due to poor US export sale and some technical resistance. Ultimately NY December lost 304 points during the week. Now NY March is front month for hedging. NY March-23 also lost 255 points during this week
- US export sale was very poor at just 25,000 bales. It seems at higher rate demand is very low. Poor Us export sale affected NY future sentiment.
- Indian cotton was highly volatile during this week, shankar-6 cotton touched 70,000 Rs. per candy and came back to same rate at 68,000 Rs. per candy.
- Arrival in India crossed one lakh bales a day.
- Trade is very slow due to huge disparity to ginner and spinners. Both stake holders are trying to minimize their losses.
- In next week Indian arrival may improve. Maharashtra and Telangana arrival are also expected to improve from next week.
- Indian basis is still very high. Very small demand in raw cotton and yarn from abroad.
- Hope for the situation to improve.