Gujcot Weekly Report
Posted : July 10, 2020
Market Movement from 15th Jun 2020 to 20th Jun 2020
- NY July contract on expiry and first notice day on next Wednesday. Roll over to December contract by funds and specs give some liquidity to the July contract. July contract open interest is significantly down and in next week it will be very low. During this week due to limited certified stock July gained 172 points and now front month December gained 78 points. Leaving July December invert to 175 points.
- U.S. Export Sales was better than expected. China and Vietnam were main buyers. Shipments were well above the average needed to hit the USDA’s export target.
- Indian physical market was slightly lower on opening day of the week. Reduction in CCI effective sale price has brought has brought CCI sale quotation close to market price. New change in prices by CCI is market friendly. Thought it will cap ginners/stockiest stock price.
- Gujcot Spot Rate remained in small range of 33,100-33,400.
- CCI’s new procurement continued in Gujarat and Maharashtra where major arrivals are coming.
- Daily all India daily arrival remained 65,000 to 75,000 bales during this week.
- Daily Gujarat daily arrival remained 25,000 to 27,000 bales during this week.
- Gujarat Cotton sowing reached to 6,05,700 hectares.
- Indian rupee remained weaker between 76.02 to 76.21 against USD compared to last week.