This week's Cotton AccountDetails from 9 May 2022 to 14 May 2022Traders need to be very cautious due to uncertain boom in cotton trade. Keeping this in mind, we have brought you a complete account of last week's cotton. Let's know all the important information related to the world of cotton.Weather- The temperature was very high in most places last week. In most of the cotton areas, the area of cotton is larger due to early sowing. It is being said that the new cotton crop will come early and in abundance.Inflows - Last week cotton inflows have been recorded around 3 lakh bales. At present the daily inflow of cotton is 40 thousand bales per day. Prices continue to rise, ginning factories are getting the benefit.Cotton and Yarn – Yarn prices are stable but demand remains. The price of cotton has also come down, its demand is also very limited. Selling cotton has become a challenge for ginners these days.Ice Cotton - ICEE July futures last week 1.59 plus weekly change. This is the best time for multinational companies to sell cotton in India. It is likely that the government will now make effective efforts to reduce prices. ICE Kajulai futures rose 1.59 cents. It closed last week at 145.20.MCX - MCX May futures closed at 48,700 last week with a gain of 1940 points. The June futures market closed at 48,660 points with a gain of 2180 points.NCDX Cotton and Khaal – On the NCDX platform, April saw an increase of 19.5 points in Cotton while the Khaal market remained negative. Khaal closed the month of May with a decrease of 58 points at 2856. A decrease of 77 points was recorded in June and 81 points in July. Currencies - Due to the record rise in dollar prices, this week saw a lot of fluctuations in the currencies of various countries. But at the end of the week most of the currencies showed a positive change. Indian rupee appreciated by 0.53 points, Pakistani rupee by 6.1 points, Chinese currency by 0.2238 points, Australian dollar by 0.02914 points and Malaysian ringgit by 0.02805 points. While the Brazilian real recorded a negative difference of 0.0221.OTHER EXCHANGE MARKET - Indian cotton prices have touched their highest levels. MCX futures key cotton price has moved higher than the Kotlook A index. At the end of the week, Kotlook A Index was down 3.25, Brazil Cotton Index was up 7.49, USDA Spot Rate was up 1.59, MCX Spotrate was up 1870. Whereas no difference was observed in KCA spot rate of Pakistan.A look here too – Last week in commodity markets brought negative spreads for Gold, Silver and Crude. At the end of the week, gold prices were down $75.5, silver was down $1.247 and crude was down $0.45.Summary Report - Cotton prices hit all-time high due to speculators' play. The benefit of this rise in prices has been given only to farmers and engineers while other textile channels are also finding it difficult to extract their margins. Looking at the current scenario, it seems that Indian cotton prices will remain bullish. MCX futures are in the hands of speculators. Due to the limited number of outstandings and low volumes, they can play as they wish. In such a case, the businessman should speed up the business based on his wisdom and discretion.
