Market Movement from 26th Dec 2022 to 31st Dec 2022.
Wish for happy, healthy and prosperous new year 2023 to all our cotton friends.
This week of holidays passed with low volume and low volatility. NY March played between 82.52 to 85.79 in a small range. Ultimately NY March closed with 184 points weekly loss.
U.S. Export Sales was better than expected. Net US export sales was 87,800 bales while shipment was 1,44,600 bales.
Indian physical market remained highly volatility during the week. Monday there was a panic selling due to covid protocol declare by Indian government and physical market crashed to 56,500 Rs per candy. But market also recovered too fast and crossed 61,000 Rs. per candy mark before week end.
Farmers stayed away from the panic selling at lower rate. Quick recovery in kapas rate changed psychology and again all India arrivals came down below one lakh bales.
Indian basis again improved to near 1,000 points on to NY March, once on Monday it went down to 300 points on to NY March.
Indian spinners get good orders at lower rate. But higher cotton rates do not allow them to sale yarn at lower rate.
Hope new year will give parity to whole textile value chain.
GUJCOT WEEKLY REPORT 25-MAR-2023
Market Movement from 20th Mar 2023 to 25th Mar 2023.
• NY May prices experienced a weekly loss