Gujcot Weekly Report
Posted : February 25, 2020
Market Movement from 23rd Dec 2019 to 28th Dec 2019
- This is the last weekly report of 2019. We passed 2019 with the highest challenges in our trade. GUJCOT wish best earning to all stakeholders for the coming year.
- NY March future closed in green for 3 days out of 4 days trading during the week and gained 96 points W/W. No big volatility was seen during the week. U.S. Export Sales was lower but very well above to meet the USDA target. Shipments are still slow and require higher pace.
- China ZCE futures also gained during this week and closed with some positive sign.
- Indian arrivals are at its peak and full week arrival was above 2,50,000 bales. CCI procurement supporting the market rate. With cotton seed rate support, ginners are also buying kapas almost at CCI rate, this will increase private ginners share in the market. When there is not big difference in market rate and CCI rate, farmers prefer to sell kapas to private ginners.
- Indian basis is attractive and will attract export demand at present rate. If NY future still gain some more points from here, definitely Indian cotton export will get a boost.
- All India daily arrivals remained between 2,40,000 to 2,60,000 bales.
- Daily arrivals in Gujarat were nearly between 60,000 to 65,000 bales.
- Gujcot Spot Rate was remained between 38,950 to 39,200 Rs/Candy.
- Indian basis remained between 1.01 to 1.64.
- Indian Rupee remained weaker between 71.17 to 71.36 during this week.