Market Movement from 02nd Nov 2020 to 07th Nov 2020
- NY futures gained gradually during the week but gave up all gains on Friday. Finally NY December lost 30 points during the week. Uncertainty of US election results, increasing Covid-19 cases and lockdown in Europe has put pressure on equity and commodity markets. NY December future is near to notice day so main funds roll over their position to March. Spread between December/March is attractive.
- U.S. Export Sales was lower but shipments were better and on the target.
- After long Bull run Chinese Futures also settled in some red.
- Indian arrivals are increasing. In North India CCI is the main buyer at MSP which has a supported prices. Gradually CCI starts fresh buying in all states also. In Gujarat CCI has started buying from south Gujarat. CCI has changed its sales policy and they also started offering current season crop cotton. This policy looks consumer friendly.
- Gujcot spot rates were range bound in small ranges Slow arrivals created disparity, so despite down trend in international market spot rates did not follow it.
- Daily India arrival remained nearly 1,50,000 bales a day.
- Daily arrival in Gujarat was near 30,000 bales a day.
- Gujcot spot rate remained between 39,700 to 39,950 during this week.
- Indian rupee remained weaker between 74.20 to 74.74 against USD compared to last week.