Market Movement from 06th Feb 2023 to 11th Feb 2023.
NY March opened this week with big loss but covered very next day. WASDE was bearish to neutral, bullish numbers of US export sales but week ended flat near to unchanged with minor loss of 16 points.
USDA February WASDE reduced world carryover by 8,50,000 bales with reduction in production by 1.03 million bales and reduction in consumption by 1,90,000 bales. Report looks almost neutral.
U. S. Export Sales was decent at 2,64,000 bales and shipment also crossed two lakh bales mark to 2,15,900 bales though export sales report was bullish but earth quake in Turkey weighed on market as Turkey is a major buyer of cotton.
In India market remained in tight range of 61,500 to 62,000 Rs. per candy.
Arrival did not increase as expected but in absence of major export, it is sufficient for domestic requirement.
Indian rupee is weaker.
Indian basis remained in range of 9.5 to 11.5 cents against NY March.
Gujarat mills have one month sales booking so they run regularly and fully utilize their capacity.
Hope better next week.
GUJCOT WEEKLY REPORT 25-MAR-2023
Market Movement from 20th Mar 2023 to 25th Mar 2023.
• NY May prices experienced a weekly loss