Gujcot Weekly Report
Posted : July 10, 2020
Market Movement from 01st Jun 2020 to 06th Jun 2020
- Market recovered after fear of expected small cotton crop in Texas due to weather concern and positive weekly US job data.
- NY July Future gained 420 points and NY December future gained 350 points during the week so, NY July-December spread invert to 81 points.
- Despite negative U.S. Export Sales of the week and lower shipment numbers market was able to stay above 60 cent mark. As shipment is not as required so, USDA may reduce its US Export target in next WADSE.
- Traders are waiting for June WASDE on 11th June next Thursday.
- Indian physical market is still under performing as basis are negative. Due to cheaper Indian cotton exporters are very active and daily buyers in the market. Gujcot Spot Rate gained Rs 1,000 per candy and MCX June Future gained Rs. 720 a bale W/W.
- Arrivals were slowed down due to cyclone in Maharashtra.
- CCI is daily purchasing about 50% of the arrivals. All India daily arrivals remained between 50,000 to 70,000 bales.
- Gujarat arrivals were between 22,000 to 25,000 bales a day.
- Rupee firm to stable between 75.36 to 75.58.