Market Movement from 04th Sep 2023 to 09th Sep 2023.

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• It was a turbulent week in NY future. NY December surrendered all the gains from the previous week. China's increase in auction quantity has led to a sharp decline in the Chinese futures market, ZCE. Some farmers, engaged in price-fixing, and improved crop conditions have once again pushed prices below the 85 cents range, ultimately closing at 85.91 cents, resulting in a significant weekly loss of 404 points.
• The export sales were not impressive, totaling only 87,900 bales, while shipments reached 179,800 bales. China's participation in export sales was notably low in terms of volume.
• U.S. Export Sales for 2023-2024 showed disappointing figures with Net Upland Sales at 85,100 and Upland Shipments reaching 175,400. Net Pima Sales contributed 2,800 with Pima Shipments totaling 4,400, resulting in a strong total sales figure of 87,900. Looking ahead to 2024-2025, Net Upland Sales remained at 6,600, while Pima Sales were not reported, resulting in a total of 6,600 for the period.
• In the past week, the Gujcot Spot Rate fluctuated withing the range of 61,700 to 62,250 Rs per candy. It commenced on Monday at 62,250 and decline to 61,150 on Friday before closing the week at 61,350 on Saturday.
• The North Indian cotton market exhibited considerably greater stability when compared to other markets.
• Due to the weaker New York (NY) market, the Indian basis is expected to rise again.
• Indian raw cotton exports appear to be negligible.
• Yarn demand is sluggish, causing mills to purchase only the minimum requirements.
• The monsoon has resumed once again in cotton-growing areas, providing some much-needed blessings from Mother Nature for survival.
• The USD-INR exchange rate experienced fluctuations over the course of the week. It began at 82.74 on Monday, gradually increased to 83.21 on Thursday, and ended the week at 82.94 on Friday.
• We hope to receive even better rainfall in the coming week.