Market Movement from 23rd Jan 2023 to 28th Jan 2023.
NY future traded in sideways this week. Better export sales has given some boost and intraday trade high on 88.88 but there was strong resistance on 88+. Farmers also fix some quantity on higher rate. Ultimately NY March settle near unchanged to last week just gain 19 points.
U. S. Export Sales was decent with China back in the game also supported by Pakistan. Sales was 2,19,100 bales and shipment also better at 1,77,900 bales.
India physical market stay between the narrow range of 61,500-62,300.
Demand for export of raw cotton also started as Indian price is now competitive. Yarn export also is better now.
Indian basis now narrowed near 9 to 10 on NY March.
In next week demand from domestic mills is expected as mills will continue to build more inventory. Arrival also remained better this week as farmers have accepted current price range.
Hope for better new week.
GUJCOT WEEKLY REPORT 25-MAR-2023
Market Movement from 20th Mar 2023 to 25th Mar 2023.
• NY May prices experienced a weekly loss