Gujcot Weekly Report
Posted : March 30, 2020

Market Movement from 02nd Mar 2020 to 07th Mar 2020

  • This week started with triple digit gain in NY Future market and traded in same range between 62.50 to 64 cents. NY May closed with 130 points gain w/w.
  • There are many good factors for market to go green but still market over shadowed sentiments only. So, rate cut by fed, huge US Export Sales and shipment with Chinese presence and weaker dollar all were ignored and market remained steady.
  • Cumulative US Exports Sales reached 1,45,30,002 shows good demand of US cotton at lower NY Futures.
  • Indian physical market is well supported by CCI so full week market remained steady to firm. Improvement in Physical cotton and cotton seed market prompted ginners for better pressing than last week. But still disparity in ginning is main cause of low arrivals and slower pressing.
  • Despite depreciation in rupee this week, Indian basis remained costly. Basis were between 4.0 to 4.5 basis on NY May future.
  • Weaker rupee will support export but still no big orders were reported. 
  • All India daily arrivals remained between 1,40,000 to 1,60,000 bales.
  • Daily arrivals in Gujarat was between 35,000 to 40,000 bales.
  • Gujcot Spot Rate remained between 38,550 to 38,800 Rs/Candy.
  • Indian basis remained between 4.14 to 4.58.
  • Indian Rupee remained weaker between 72.73 to 73.75 during this week.

 



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