Market Movement from 20th Mar 2023 to 25th Mar 2023.
NY May prices experienced a weekly loss of 1.29 cents, dropping from 77.83 on 17-Mar to 76.54 on 24-Mar.
Cotton prices were affected by the ups and downs of the stock market on Monday, with traders awaiting the Federal Reserve's interest rate announcement. A major research firm has released intentions for US row crops, and cotton acres for 2023 are predicted to be 79% of those of 2022. On Tuesday, cotton was moderately higher due to its own oversold condition and positive outside forces. Traders are also anticipating a reduction in cotton acres for 2023. On Wednesday, the cotton market was moderately higher as traders awaited the Federal Reserve's rate announcement. The central bank raised interest rates by a quarter point but implied that future rate hikes may be put on hold, causing the US dollar to fall. On Thursday, the USDA issued its weekly export-sales report, with Vietnam as the top buyer with 1,20,000 bales. Despite the positive export-sales report, cotton prices fell, with fears of a global economic slowdown and too much farmer holding of last year's production impacting the market.
The U.S. cotton export sales report for this week shows mixed results for the current and upcoming crop year. Net upland sales for 2022-2023 were 3,10,300 bales with 2,72,500 upland shipments and 16,900 net Pima sales with 7,100 Pima shipments, making the total sales 3,27,200. For the 2023-2024 crop year, net upland sales were 21,300 bales and net Pima sales were 400 bales, with a total of 21,700.
This week, the cotton market showed a slight decrease in prices with Gujcot Sport Rate starting at 60,650 on Monday, and dropping to 60,600 on Tuesday. The trend continued on Wednesday with a rate of 60,500, which remained steady on Thursday. However, the market saw a slight increase on Friday, with the rate climbing up to 60,550. Overall, it was a relatively stable week for cotton prices with minor fluctuations in the Gujcot Spot Rate.
India arrival decrease due to rain fall in most cotton growing areas.
Gujarat arrival was stable to down this week.
With continued down trend in NY future Indian basis remained high. So Indian raw cotton export is negligible.
Indian mills are getting few orders for yarn but trend is weak.
The USD-INR exchange rate saw a slight fluctuation this week, with the rate ranging from 82.26 to 82.65. The week started with a rate of 82.63 and ended with a rate of 82.48. There was not much movement in the rate during the week, and it remained relatively stable.
Latest News
GUJCOT WEEKLY REPORT 10-JUN-2023
Market Movement from 05th Jun 2023 to 10th Jun 2023.
• With a decline of nearly 200 points in J