Gujcot Weekly Report
Posted : February 25, 2020
Market Movement from 13th Jan 2020 to 18th Jan 2020
- NY Future was highly volatile during this week. Last week close was well above 71 cents and manage up trend on Monday as trade deal date was closer. After trade deal market not see any bullish effect as tariff was continue from both side and after declaration of document market booked the profit and lost near 100 point. But speculators increase their long with all positive fundamentals.
- Better U.S. Export Sales, deal with Mexico and Canada, some below expectation but something is better than nothing phase one deal with china, these all positive fundamentals lift the march contract again and manage to stay just shy below of pre Friday close with only 6 point loss W/W.
- U.S. Export Sales was very good and shipment also pick up the pace. Cumulative sales new stand on 1,22,47,433 running bales.
- Indian physical market was more volatile during week. Week start Gujarat Spot Rate Shankar-6 with 40,750 and cross once 41,000 but fail to sustain. As ginners were too long so liquidate on 16th after disappointing trade deal. With support of C.C.I. purchase, Kapas rate remain firm and again recover in later part of week.
- As declining cotton and cotton seed rate put ginner in disparity to sale. On export front yet India is not doing well but as basis came attractive some speed has picked up.
- All India arrival during festival of sankranti, lohdi and pongal remain some lower near 1-25,000 bales a day. But in remain days it cross again 2,00,000 bales.
- Gujarat arrivals remain steady near 50,000 to 65,000 bales a day.
- Gujcot Spot Rate was remained between 40,250 to 40,950 Rs/Candy.
- Indian basis remained between 1.16 to 2.81.
- Indian Rupee remained stable between 70.81 to 71.08 during this week.