Gujcot Weekly Report
Posted : May 23, 2020
Market Movement from 27th Apr 2020 to 02th May 2020
- NY May Future will expire on 6th May and was able to close with some gain without big deliveries. Front month July gained as well on Wednesday following rumors of Chinese buying but lost all gains on Friday with president Trump’s threat to resume trade war.
- U.S. Export sales was decent with Chinese purchase of more than 4 lakh bales but market ignored it on worries of resumption trade war.
- Indian physical market is cheaper now by basis so all merchants are buying at 33,000 to 33,500 level.
- CCI also has started new inning with slow purchase at few centers.
- There is good arrival of further crop and sales at nearly 23,500 to 24,500.
- V-797 arrival is in full flow and rate is near to decade low below 20,000 Rs per Candy.
- Indian Rupee was strong compared to the last week and remained between 75.11 to 76.24 against USD during this week.
- Gujcot spot rate for 29 mm remained soft at 33,500 Rs per Candy.