Market Movement from 27th Feb 2023 to 04th Mar 2023.
The cotton market was mostly lower this week, with May future finishing down 0.73 cents. The market was driven by a weaker U.S. dollar and higher Dow Jones, hopes of improved foreign demand, and squaring and balancing by certain managed-money funds. A strong economic report from China also boosted the market. Thursday's export sales were decent, while Friday saw the cotton market showing resilience and finishing higher.
The U.S. export sales for 2022-2023 totaled 1,71,800 bales, with 1,70,600 bales of net Upland sales and 1,200 bales of net Pima sales. Shipments for the same period totaled 2,07,700 bales of Upland and 3,000 bales of Pima. For 2023-2024, the total export sales were 97,200 bales, all of which were Upland.
The Gujcot spot rate for cotton showed a steady trend this week, starting at 62,600 to 62,250.
Arrival in India remained higher then 1,50,000 per day and Gujarat arrival was near to 45,000 bales per day.
The USD-INR exchange rate continued to exhibit a downward trend this week, opening at 82.84 on 27-February and declining to 81.96 on 03-March.
Indian basis remained in the 10.58 to 12.94 cents range.
Still Indian raw cotton export is limited but Indian Yarns export improved.
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