Gujcot Weekly Report
Posted : January 25, 2021
Market Movement from 30th Nov 2020 to 05th Dec 2020
- This week was bear dominating week. NY March continuously closed in red for four day and on Friday closed in green but ultimately week closed with 167 points loss. Some profit booking and some harvest pressure put pressure on NY futures. Despite robust export sales and weaker dollar market closed in red.
- U.S. Export Sale was decent and again China played a major role. Weekly net sales were 2,85,700 bales and shipment also were 2,08,400 bales. Now total commitment is above 9 million bales and easy to surpass target set by USDA.
- Indian physical market also followed foreign markets and was continuous in down trend during the week. Gujcot spot rate was nearly 40,500 during this week.
- Due to down trend in cotton and cotton seed both, ginners were not able to complete CCI. CCI has bought huge quantity during the week and their procurement touched above 34 lakh bales.
- Indian export remained slow during last week.
- All India daily arrivals remained nearly 2,50,000 to 3,00,000 bales a day.
- Daily arrival in Gujarat was nearly 50,000 to 55,000 bales a day.
- Gujcot spot rate remained between 40,500 to 41,150 during this week.
- Indian rupee remained stable between 73.68 to 74.05 against.