Gujcot Weekly Report
Posted : February 26, 2021
Market Movement from 11th Jan 2021 to 16th Jan 2021
- This week was volatile week with help of bullish WASDE report. USDA reduced US Crop by one million bales and increased US export target by 2.5 Lakh Bales in January WASDE report. Which leaves U.S. ending stock at manageable number now. Also, world’s consumption increased in this WASDE and ending stock now remains at 96.32 million bales.
- With release of WASDE NY March touched 82 cent first time but could not sustain to close above 82 cents and week ended with small gain of 93 points.
- U.S. Export Sales was again decent and China was a big player among the sales and shipment. Cumulative sales crossed 12.4 million bales and nearly 6 million bales already shipped.
- Indian physical market also touched new high of 44,000 on 13th but with some correction in last days week ended at nearly 43,450 Rs per Candy.
- Kapas rate are now above MSP so MSP procurement slowed down. CCI was able to sell some quantity daily. Till date Government has procure above 84 lakh bales.
- Indian basis are attractive so, exporters and MNC are active buyer.
- After huge rise in yarn price, yarn inquiry on hold and buyer are now on wait and watch.
- All India arrivals between 2,00,000 to 2,25,000 bales a day.
- Daily arrival in Gujarat was between 55,000 to 60,000 bales a day.
- Indian rupee remained stable between 73.07 to 73.38 against USD.