Gujcot Weekly Report
Posted : October 13, 2019
Market Movement from 30th Sep 2019 to 05th Oct 2019
- During this week NY December future gained 77 points and hold the psychological 61 cents mark. Even with small gain, out of 6 trading sessions market closed in green in 5 sessions. NY December once crossed resistant of 62.50 but was not able to sustain that level. Overall without fresh seller market holds its gain.
- North India is the driving force of the domestic market rate. Due to arrival disruption because of rainfall, market rebounded from its bottom price and posted 500 Rs per candy gain. There is very limited stock of old crop cotton with ginners and traders and is still trading much higher than new crop North Market. Arrivals in North market is improving but still due to rain damage quality is inferior and consumers are waiting for quality to improve.
- US Export sales improved which shows some better demand at this low rate. Farmers are not willing to sale in lower rate so despite bigger crop US and Brazilian basis are improving.
- Indian basis is declining with arrival pressure. J34 is now viable for export.
- Indian basis remained between 14.13 to 12.29.
- Gujarat 29 mm Cotton sold between 41,050 to 41,650 Rs/Candy.
- All India daily arrivals remained between 35,000 to 40,000 bales.
- Daily arrivals in Gujarat were nearly 1,200 to 1,500 bales.
- Indian Rupee remained stable between 70.87 to 71.08 during this week.