Gujcot Weekly Report
Posted : July 10, 2020

Market Movement from 22th Jun 2020 to 27th Jun 2020

  • NY July on notice for delivery. So very few July contract stand now. This week NY futures remained volatility to exit from July.
  • NY December is now lead month and lost 31 points during the week. It traded in very small range between 59 and 60 cents per pound.
  • 40% poor rating of US crop condition supported market sentiment.
  • U.S. Export sales was better with China and Vietnam being the lead buyers. Other origins are silent it looks like China is going to fulfill phase one of trade deal.
  • In India CCI has further reduced base price by 300 to 500 Rs per Candy during this week. Now Shankar-6 is being offered at 35,700 without discount. So, with bulk discount it is now very close to current market rate. CCI sold some small quantity in North India.
  • Current arrival is good and Gujarat pressing daily enough quantity required by local mills.
  • There was enough ground water available this year so, cotton sawing started early with good pace.  
  • All India cotton sowing till 26th of Jun was 71.692 lakh hectares against 27.082 lakh hectares last year on the same time.
  • Gujarat Cotton sowing reached to 11,66,800 hectares.
  • All India daily arrivals remained between 60,000 to 70,000 bales.
  • Daily arrivals in Gujarat was between 22,000 to 25,000 bales.
  • Indian rupee remained strong between 75.64 to 76.02 against USD compared to last week.

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