Gujcot Weekly Report
Posted : August 19, 2019
Market Movement from 22nd Jul 2019 to 27th Jul 2019
- NY December touched contract high of 64.32 on Wednesday and finally ended the week with 147 points gain.
- US Export sales and shipments were better than previous week with strong buying by Vietnam and India. But no significant buying from Chinese consumers due to US-China trade war. So, Considering the time of year ending, shipments were good but not good enough to hit USDA’s current projection of exports in 2018-19. So, US ending stock of 2018-19 will still go higher.
- Indian physical market remained steady. Still many ginners believe that there will be some shortage of cotton in the later part of the season. As NY future closed with good weekly gain, Indian basis came down to 17.10 to 18.55 on.
- Majority if cotton growing states received moderate to good rainfall during this month, which is good enough for the survival of the crop but still not enough to increase ground water levels and fill major dams
- All India cotton sowing till 25th of July was 108.951 lakh hectares against 102.515 lakh hectares last year on same time.
- Gujarat 29 mm Cotton sold between 44,100 to 44,250 Rs/Candy.
- All India arrival daily arrivals remained between 4,000 to 4,500 bales.
- Daily arrivals in Gujarat were nearly 2,000 to 2,500 bales.
- NY Dec futures w/w gain 1.47 cents.
- Indian Rupee remained stable between 68.90 to 69.04 during this week.