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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