Gujcot Weekly Report
Posted : September 19, 2020
Market Movement from 07th Sep 2020 to 12th Sep 2020
- NY Dec future remained volatility with upper side at 65+ cents and lower side at 63.50 cents, finally week ended almost unchanged.
- WASDE was as expected. Lower US crop, consumption and export with no effect on ending stock which still is huge at 7.2 million bales.
- World's ending stock reduced by one million bales. Market players not impressed on either side and consider WASDE as neutral.
- US Export Sales was as usual. Again, China remained major buyer.
- Indian physical market was stable with very little change in prices. With arrival of new crop in north, all eyes focused on North region. CCI was not able to sale big quantity with new policy.
- Gujcot spot rate between 35,600 to 35,750 during this week.
- All India daily arrivals was between 15,000 to 17,000 bales.
- Daily arrivals in Gujarat was nearly 6,000 to 8,000 bales.
- All India cotton sowing till 10th of September was 129.299 lakh hectares against 126.609 lakh hectares last year at the same time.
- Gujarat Cotton Sowing area reached 22,78,500 Hectares as on 07th September against last year’s 26,65,700 hectares at the same time.
- Indian rupee remained stable between 73.34 to 73.59 against USD compared to last week.