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.