Gujcot Weekly Report
Posted : July 10, 2020
Market Movement from 08th Jun 2020 to 13th Jun 2020
- NY July and December both futures lost 195 points W/W leaving December 81 points invert to July future. Bearish equity market lead commodity also in red. Despite excellent sales just below 4 lakh market ignored and closed in red.
- WASDE report was also bearish. World cotton balance sheet for both current and next year shows decreasing consumption and rising ending stock.
- U.S. Export Sales was decent over 6 lakh bales for combined both years. Shipment is not at required pace so target for current year does not look achievable. Large commitment will be carried forward to next marketing year.
- US weather is not good and crop is facing problems. As per last crop progress report 43% is rated as good.
- Indian physical market remained soft. Gujcot Spot Rate declined during this week. Arrivals are good and ginners willing to press more. CCI also regular buyer and supporting the market.
- Gujarat May month average daily pressing was around 24,000 bales and first half of the June also pressing pace is equal or more. Daily Gujarat arrivals was nearly 25,000 bales a day or even more.
- All India arrival was nearly 60,000 to 70,000 bales a day.
- All India cotton sowing till 11th of Jun was 18.913 lakh hectares against 15.318 lakh hectares last year on same time.
- Indian rupee remained weaker between 75.54 to 75.84 against USD compared to last week.