Gujcot Weekly Report
Posted : September 19, 2020
Market Movement from 24th Aug 2020 to 29th Aug 2020
- China cancelled some old US cotton bargain but purchased new contract in weekly export sales. US Export Shipment was lower but good number of shipments to China is a positive sign for market.
- Indian physical market was firm and jumped up due to regular increase in CCI Offer rate. Traders also quoted higher rate with increasing CCI offer rate. Uptrend seems to be broken in last two days of the week due to appreciation in Indian Rupee. Gujcot spot rate crossed 36,000 during this week.
- Indian Basis narrowed with rupee appreciation and higher NY.
- Small arrivals started in North, MP and Maharashtra. Daily all India arrival is now 12,000 to 15,000 bales per day.
- Daily Gujarat pressing is near 7,000 bales.
- Cotton sowing area in India crossed last year’s total sowing area and reached 128 lakh hectares. All India cotton sowing till 20th of August was 127.693 lakh hectares against 123.542 lakh hectares last year at the same time.
- Gujarat sowing is falling nearly 14% compare to last year. Gujarat Cotton Sowing area reached 22,76,600 Hectares as on 24th August against last year’s 26,52,200 hectares at the same time.
- Monsoon progress is good. Some damage reported due to heavy rainfall. Some infest of white fly reported in north. Over all till now Indian crops is progress is good, crop is quite healthy.
- Indian rupee remained strong between 73.38 to 74.32 against USD compared to last week.