Gujcot Weekly Report
Posted : August 10, 2020
Market Movement from 13th Jul 2020 to 18th Jul 2020
- NY December gave up 237 points W/W. US-China tension on various stage put pressure on the market.
- After touching almost 65 cents during the last week market showed correction in the current week with profit booking and some rate fixing by farmers for new crop. Weather of Texas is not good for the crop. USDA predicted lower production for the next year.
- U.S. Export Sales was poor but shipments was good.
- Overall, at higher rate US lost demand.
- Indian physical market showed steady tone despite volatility in NY Futures, Indian market remained stable. CCI has slowed down procurement and limited arrival sold out daily.
- Still India is the cheapest in the world with negative basis. So, export will continue.
- All India cotton sowing till 16th of Jul was 113.005 lakh hectares against 96.354 lakh hectares last year on the same time.
- Gujarat Cotton sowing reached to 20,33,500 hectares.
- All India daily arrivals was nearly 40,000 bales.
- Daily arrivals in Gujarat was nearly 15,000 bales.
- Gujcot spot rate remained between 32,950 to 33,150.
- Indian rupee remained stable between 75.01 to 75.41 against USD compared to last week.