Market Movement from 20th Feb 2023 to 25th Feb 2023.
This week marked the beginning of the delivery period for NY March cotton contract, with the next future being NY May. This four day week was positive for May future with all four days closed in green. Especially last day with fantastic export sales numbers NY May closed with weekly gain of 340 points.
This week's U.S. Export Sales report indicates a total of 4,26,700 bales sold in the 2022-2023 marketing year, comprising 4,25,300 net upland bales and 1,400 net pima bales. Shipments for upland cotton totaled 1,93,600 bales, while pima shipments were 3,900 bales. For 2023-2024, net upland sales totaled 11,900 bales. Now total U.S. export commitment reached near 10.5 million bales nearly 88% of the targeted export. Shipment yet behind just 5.2 million bales shipped.
This week the Gujcot spot rate showed a steady increase, going from 62,200 on Monday to 62,800 on Saturday. All India arrivals are near to 1,50,000 bales a day.
Due to fall in cotton seed price ginners again facing disparity.
This week's cotton market saw NY futures reaching higher levels, while India's physical cotton rate remained steady. This resulted in a decrease in India's basis from 15.66 to 11.36. Indian basis remain yet high so raw cotton export is limited. But mills are getting better orders of yarn from abroad so they run their units with full capacity.
Hope for 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