Market Movement from 19th Dec 2022 to 24th Dec 2022.
NY future closed in green 4 out of 5 sessions. On Thursday market closed limit down due to huge export sales cancellation by China. Despite Covid worry in China and bearish export sales market closed in green W/W. March NY gained 329 points during the week.
A huge cancellation by China US Export Sales was negative. After all deduction net negative effect on sales was 86,300 bales. Shipment was 1,18,500 yet not bad. But with last 4 sales it looks that to achieve export target of 12.25 million bales is difficult.
In India now central India arrival has picked-up. As soon as arrival picked market fell sharply. Gujarat Shankar-6 rate got near Rs 60,000 candy. It shows panic in the market.
Indian basis has now narrowed to near 850 points. It sharply dropped after collapse of Indian cotton rate and stable to firm NY futures.
Hope for better arrival in next week and hope Indian cotton become competative with international market. Which will help to improve export of cotton and yarn.
GUJCOT WEEKLY REPORT 25-MAR-2023
Market Movement from 20th Mar 2023 to 25th Mar 2023.
• NY May prices experienced a weekly loss