Market Movement from 02nd Jan 2023 to 07th Jan 2023.
ICE cotton was closed on Monday due to new year. Market activity was slow.
In India cotton future trade on MCX Exchange closed from 1st January-23, due to pending SEBI permission for new cotton contract. But it is heard from the trade sources that MCX contract will open soon.
ICE cotton March moved weekly between 83.37 to 85.68 cents per LB. The weekly total movement was 2.31 cents per LB on upper side. During the week lowest closing was 80.44 and weekly highest closing was 85.68. This week trading days on ICE cotton exchange was only for 4 days.
USDA weekly US cotton export report ended December 29, showed net sales at 38,700 bales that included cancelations of 7,000 bales. Pakistan recaptured the 2022-23 lead buyer position of US cotton, replacing China.
Indian physical market remained upside, during the week ₹ 2,500 per candy up, steadily market up day by day, due to less arrival and slow arrival of Kapas on higher price expectations of farmers.
Indian basis nearly at same level as it was on 31st December-22.
So market sentiment is up due to ICE cotton up on Friday closing but buyer reluctant to buy on higher rates.
GUJCOT WEEKLY REPORT 25-MAR-2023
Market Movement from 20th Mar 2023 to 25th Mar 2023.
• NY May prices experienced a weekly loss