Market Movement from 09th Jan 2023 to 14th Jan 2023.
ICE Cotton March closed at 82.50 cents with weekly loss of 339 points.
USDA weekly cotton export sales remained disappointing for the week ending 5th January. For the current marketing year, net sales of 75,900 bales and weekly export of 1,56,800 bales was reported. Pakistan recaptured the 2022-23 lead buyer position of US cotton, replacing China.
January WASDE report showed higher US production at 14.68 million bales due to higher yield which was unexpected by the trade. With higher production number US ending stock increased by 0.70 million bales.
USDA reduced world production by 0.33 million bales and also reduced world consumption by 0.85 million bales resulting in 0.37 million bales higher ending stock for the world.
USDA reduced Indian cotton crop size by 12,80,000 bales of 170 kg. and also reduced Indian export by 3,20,000 bales and mill use by 9,60,000 bales resulting in lower demand of 9,60,000 bales of 170 Kg.
Indian physical market remained under pressure due to improved arrival and lower demand. Gujarat S-6 lost Rs 1,750 during the week.
Indian basis was 12.00 cents per lb on 7th January, is now 14.33 cents per lb due to strong rupee and weaker ICE cotton futures.
Indian arrivals will remain lower during Makkar shankranti festivals and trade is expecting improvement in arrivals after festivals.
Wish you All Happy Makkar Shankranti.
GUJCOT WEEKLY REPORT 25-MAR-2023
Market Movement from 20th Mar 2023 to 25th Mar 2023.
• NY May prices experienced a weekly loss