Gujcot Weekly Report
Posted : September 19, 2020
Market Movement from 31st Aug 2020 to 05th Sep 2020
- This week was volatile and bull dominated week. NY December Future was able to cross 66 cents psychological level and made double top on 66.44 cents, but was not able to sustain and close over 66 cents. Weaker dollar and spec buying pulled NY futures but ultimately week ended with win-win at 64.99 Cents losing 9 point a week.
- U.S. Export Sales and shipment was good. Big quantity of shipment to China.
- Next week U.S. Export sales and WASDE report release will be delay due to the Labor Day holiday on Monday.
- Indian physical market was stable to soft. Anticipating new arrival mills are on wait and watch position for new buying.
- Strong rupee has affected exports from India.
- Gujcot spot rate between 35,700 to 35,850 during this week.
- All India daily arrivals was between 12,000 to 15,000 bales.
- Daily arrivals in Gujarat was nearly 6,000 bales.
- All India cotton sowing till 03th of September was 128.952 lakh hectares against 124.905 lakh hectares last year at the same time.
- Gujarat Cotton Sowing area reached 22,77,100 Hectares as on 31th August against last year’s 26,64,500 hectares at the same time.
- Indian rupee remained strong between 72.86 to 73.61 against USD compared to last week.