Gujcot Weekly Report
Posted : August 19, 2019

Market Movement from 29th Jul 2019 to 03rd Aug 2019

 

  • NY future witnessed free fall after president Trump's announcement to impose tariff on 300 billion of Chinese goods. NY future lost 442 points in last two days of the week and weekly loss is 512 points. With this blood bath December future created new contract low and damaged all support lines and closed below 60 cent psychological mark.

 

  • Indian cotton is still the costliest in the world, Indian physical cotton prices are falling but NY Futures are falling faster than Indian physical market. So, basis of Indian cotton still remains high despite huge down fall.

 

  • During week Gujcot Spot Rate fall by 1,950 Rs/Candy. Ginners and stockiests are shocked by this huge down fall and lost their hope for recovery.

 

  • US marketing year 2018-19 ended on 31st July.  US shipment could not meet the target. New year sales were good. Remaining sales without shipment will be carried forward in new year.

 

  • Indian basis narrowed but still too high. Indian Export on hold and Import booking is continued till October arrival also.  

 

  • All India cotton sowing till 01st of August was 115.146 lakh hectares against 109.793 lakh hectares last year on same time.

 

  • Gujarat 29 mm Cotton sold between 43,850 to 42,250 Rs/Candy.

 

  • All India arrival daily arrivals remained between 3,500 to 4,000 bales.

 

  • Daily arrivals in Gujarat were nearly 2,000 to 2,500 bales.

 

  • NY Dec futures w/w lost 5.12 cents.

 

  • Indian Rupee remained weaker between 68.73 to 69.58 during this week.

 



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