Posted : March 25, 2023

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.

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