Gujcot Weekly Report
Posted : October 24, 2020

Market Movement from 14th Sep 2020 to 19th Sep 2020

  • Week started with all bullish news. Bullish WASDE, hurricane Sally, weaker dollar. All these all factors created Bullish sentiment and NY December touched new high of 66.93 on Tuesday.
  • Robust export sales on Thursday above 5 Lakh bales in which China bought above 4 Lakh bales. Despite good sales market closed in red and week closed with just 85 points weekly gain.
  • New arrivals in India slowly started in North, MP, Maharashtra, Karnataka and Gujarat. Majority of the mills are covered till full October so new average quality not suitable to buyers.
  • Quality will improve in coming weeks.
  • Indian cotton physical rate remained almost unchanged. North India cotton rate slightly improved during the week.
  • Gujcot spot rate remained between 35,850 to 36,100 during this week.
  • All India daily arrivals was between 18,000 to 20,000 bales.
  • Daily arrivals in Gujarat was nearly 6,000 bales.
  • Gujarat Cotton Sowing area reached 22,78,800 Hectares as on 14th September against last year’s 26,66,800 hectares at the same time.
  • Indian rupee remained stable between 73.44 to 73.65 against USD compared to last week.

 



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