GUJCOT WEEKLY REPORT 21-JAN-2023
Posted : February 04, 2023
Market Movement from 16th Jan 2023 to 21st Jan 2023.
- NY Cotton futures traded higher for three of the four trading sessions during the shortened trading week. NY March gained 441 points during the week. NY March gained 331 points after US export sales on Friday.
- US Export Sales was decent with 2,12,000 bales of new commitment and very limited cancellation. China booked 55,100 bales which was considered a positive news by the market. US export shipment also was encouraging with 1,89,400 bales shipped during the week.
- In India prices remained in 62,000 to 63,000 range.
- As arrival was low at the start of the week due to festival holidays but picked up in later part of the week.
- Indian basis are higher so very few bargain of raw cotton export.
- Yarn export is struggling but getting some orders.
- Indian rupee remained strong. Due to strong gain in NY future on last day basis narrowed to 11 cents on.
- We may expect better arrival in next week.