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.