Gujcot Weekly Report
Posted : July 10, 2020
Market Movement from 22th Jun 2020 to 27th Jun 2020
- NY July on notice for delivery. So very few July contract stand now. This week NY futures remained volatility to exit from July.
- NY December is now lead month and lost 31 points during the week. It traded in very small range between 59 and 60 cents per pound.
- 40% poor rating of US crop condition supported market sentiment.
- U.S. Export sales was better with China and Vietnam being the lead buyers. Other origins are silent it looks like China is going to fulfill phase one of trade deal.
- In India CCI has further reduced base price by 300 to 500 Rs per Candy during this week. Now Shankar-6 is being offered at 35,700 without discount. So, with bulk discount it is now very close to current market rate. CCI sold some small quantity in North India.
- Current arrival is good and Gujarat pressing daily enough quantity required by local mills.
- There was enough ground water available this year so, cotton sawing started early with good pace.
- All India cotton sowing till 26th of Jun was 71.692 lakh hectares against 27.082 lakh hectares last year on the same time.
- Gujarat Cotton sowing reached to 11,66,800 hectares.
- All India daily arrivals remained between 60,000 to 70,000 bales.
- Daily arrivals in Gujarat was between 22,000 to 25,000 bales.
- Indian rupee remained strong between 75.64 to 76.02 against USD compared to last week.