Gujcot Weekly Report
Posted : February 25, 2020
Market Movement from 16th Dec 2019 to 21st Dec 2019
- This week was dominated by bullish NY future with hope of US China to sign real deal and decent US Export Sales. First time NY March contract crossed 68 cents mark and closed just below 68 cents with weekly gain of 116 points. Technically first time NY March contract crossed 200 day moving average so, some speculating buying was also seen in the future market.
- Indian physical market remained firm with very well support by CCI procurement. CCI procured nearly 80,000 bales daily out of 2,25,000 bales daily arrivals. Cottonseed market also remained firm above 2,500 per quintal. Farmers are getting better rate of kapas with firm cotton and cottonseed prices. Again, Gujarat Shankar-6 price crossed 39,000 mark and remained firm.
- There is be very slow activity in Ny Futures during next week because of Christmas holidays but India physical market looks to remain firm.
- Cotton Export is in slow pace. Despite all these bear factors physical market gained during the week because of psychological support by future and firm sentiment.
- All India daily arrivals remained between 2,25,000 to 2,50,000 bales.
- Daily arrivals in Gujarat were nearly between 55,000 to 60,000 bales.
- Gujcot Spot Rate was remained between 38,850 to 39,200 Rs/Candy.
- Indian basis remained between 2.16 to 3.47.
- Indian Rupee remained stable between 70.97 to 71.12 during this week.