Gujcot Weekly Report
Posted : October 24, 2020
Market Movement from 21st Sep 2020 to 26th Sep 2020
- NY December future moved in very tight range of 1.5 cent and daily close was below 1% up or down, relatively market remained stable. Big decline in equity market was also ignored by cotton market. Strong dollar, huge sell off in equity, disappointing export sales were the reasons for market to decline but still cotton market was able to close above psychological support of 65 cents.
- US Export sales was low and also Chinese buying was also very low compare to previous weeks. But good shipment has given support to the market. Pace of shipment is better and looks easily will achieve export target set by USDA.
- In domestic market CCI is struggling to attract big sale after new policy. Consumers are well covered and waiting for force of new arrivals. North market climbed to new high due to lower arrivals. Gujarat cotton market remained stable. New arrival in M.P. and Maharashtra also in market. MNCs have big quantity to offer.
- On export front old commitment are shipped. In September we can see big numbers. But now Indian cotton is choice of ready requirement while Brazil is main rival.
- Indian cotton yarn is in full demand so now mills are trying to operate at optimum capacity.
- Gujcot spot rate remained between 36,150 to 36,250 during this week.
- All India daily arrivals was nearly 20,000 bales.
- Daily arrivals in Gujarat was between 5,000 to 6,000 bales.
- All India cotton sowing till 18th of September was 129.468 lakh hectares against 127.086 lakh hectares last year at the same time.
- Gujarat Cotton Sowing area reached 22,79,200 Hectares as on 21st September against last year’s 26,66,800 hectares at the same time.
- Indian rupee remained stable between 73.37 to 73.89 against USD compared to last week.