Gujcot Weekly Report
Posted : October 24, 2020
Market Movement from 12th Oct 2020 to 17th Oct 2020
- This was Bull dominated week NY December gained 228 points during the week. Adverse weather in US and India, technical support to spec and steady pace of US export shipment are the main reasons of bull run.
- U.S. Export Sales was poor but shipment was decent to support Bull sentiment.
- ZCE China future gained over 1,000 RMB during week and Chinese buyers have supported whole world's cotton futures.
- In India CCI started MSP procurement in North India. CCI is procuring 80% of daily arrivals. Due to Bull sentiment CCI was able to sell good quantity again.
- Indian physical rate rallied with good sentiment, supported by CCI procurement, Bull future and Adverse weather.
- Ginners have their financial facility unutilized so, whole value chain is in long position.
- NY, ZCE and MCX supporting traders’ long sentiment.
- Indian basis is attractive and demand from China supported Indian export.
- This week Indian basis remained between -2.58 to -1.69 cents.
- Gujcot spot rate remained between 37,800 to 39,250 during this week.
- Daily Indian arrivals reached nearly 70,000 bales.
- Daily arrival in Gujarat was between 15,000 to 20,000 bales
- Indian rupee remained stable between 73.27 to 73.38 against USD.