Gujcot Weekly Report
Posted : March 31, 2020

Market Movement from 17th Feb 2020 to 22nd Feb 2020

  • Monday NY Future was close due to President’s Day holiday and next day Cotton futures rose over 1% to scale a more than two-week peak after China said it would give tariff exemptions on imports from United States to fulfill trade-deal commitments. And finally, NY March Future closed on Friday with 152 points weekly gain.
  • China will grant exemptions on retaliatory duties imposed against 696 US goods, the most substantial tariff relief to be offered so far.
  • Here with March auction was finished and started delivery so the next week ICE near future will be May Contract.
  • Traders continue to see healthy demand for U.S. cotton even though Chinese purchasing has been absent as the country continues to deal with the outbreak of the coronavirus.
  • U.S. Export Cumulative Sales reached 1,38,82,697 bales till 13th February.
  • Indian physical market played in small range. Due to weaker rupee and firm NY merchant’s active in buying. Limited export buying seen from local exporters.
  • With sluggish buying in cottonseed ginners find difficulty to operate regularly.  CCI is purchasing 30 to 40% of daily arrivals on all India level. Gujarat ginners are running very slowly to minimize losses.
  • All India daily arrivals remained between 1,75,000 to 1,90,000 bales.
  • Daily arrivals in Gujarat was between 40,000 to 45,000 bales.
  • Gujcot Spot Rate remained between 39,200 to 39,500 Rs/Candy.
  • Indian basis remained between 1.21 to 2.73.
  • Indian Rupee remained stable between 71.29 to 71.65 during this week.



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