Market Movement from 27th Mar 2023 to 01st Apr 2023.

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• Team Gujcot wishing happy and earning new financial year to all cotton friends. 
• NY May rose by 6.24 cents during this week, hitting 82.78 on March 31st - a significant increase from the March 24th price of 76.54. However, the month of March saw a 1.25 cent loss from the end of February.
• ICE cotton futures surged on Monday and Tuesday due to short-covering and support from outside financials. The ICE Futures traded higher and the market touched limit up in the old crop. The market is in oversold condition, along with a weaker U.S. dollar and a stronger Dow helped rally prices.
• On Friday, the USDA has issue its 2023 prospective plantings data. USDA has predicted next year planting at 11.3 million acres. Last year's number was 13.8 million acres.
• U.S. export sales for the week ending on March 23, 2023, shows a total of 2,91,400 bales sold, with net Upland sales of 2,81,300 bales and net Pima sales of 10,100 bales. Additionally, Upland shipments were 3,41,000 bales, while Pima shipments were 7,400 bales. Looking ahead to the 2023-2024 season, the report shows a total of 12,300 bales sold, with net Upland sales of 12,300 bales and no net Pima sales reported.
• Physical cotton prices show a steady rise as Gujcot Sport Rate increased throughout the week, reaching a high of 61,350 on Saturday - a promising sign for cotton industry players.
• Arrival was slow due to rainfall at some places and closing of the market yard due to financial year closing.
• Indian basis got weaker with spike in NY Future. But recovered on week end with increasing domestic prices.
• The USD-INR exchange rate showed a slight decrease over the week, starting at 82.37 on Monday and decreasing to 82.16 on Friday.