Market Movement from 14th Dec 2020 to 19th Dec 2020
- Cotton market was on bullish mood throughout the week. Bullish WASDE, excellent US export sales, weaker dollar and hope of economic recovery after start of Covid-19 vaccination program, all bullish factors created stage for uptrend in cotton market. NY March closed over 77 cents gaining 308 points during the week.
- U.S. Export Sales was excellent above 4 lakh bales and now US is committed over 11 M bales out of that 5 M bales already shipped. China was among the new sales and current shipment in huge quantity.
- Chinese future was on uptrend but did not follow back-to-back with NY.
- Indian physical market was strong and in full domestic demand. Gujcot spot rate advanced up to 42,450. CCI has procured nearly 55,75,000 bales till date. Also, good demand in CCI old and new cotton.
- Mills are well covered but yarn demand is excellent so they continue to build inventory.
- All India daily arrivals remained between 2,70,000 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 41,600 to 42,450 during this week.
- Indian rupee remained stable between 73.55 to 73.64 against USD.