Posted : June 10, 2023

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.

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