Market Movement from 16th Nov 2020 to 21st Nov 2020
- NY December future is now on notice day so most of the trade rolled over to March. NY March is now lead month. Spread was attractive so roll over was easy. NY December gained 242 points while March gained 256 points during the week. This Bullish trend was due to some positive news of corona vaccine. Also, technically market was able to stay above trend line.
- U. S. Export Sales were lower than last week but commitment is above average and U.S. is committed 68% of the USDA export target. Shipment also good and easy to achieve target of 14.6 million bales.
- Indian physical market on strong gain with help of MSP procurement and strong mood of farmers. After festival season, Indian cotton gained more than 1,000 Rs per candy. Indian kapas rate now near to MSP. Strong cotton as well as cottonseed giving double support to raw material price.
- Indian export is on slow pace due to higher rate and less availability in open market. Indian cotton yarn market is firm and very good inquiry from overseas markets. Domestic consumers are daily buyers to support Bull-run.
- CCI was also able to sale some small quantity during week.
- Daily All India arrival remained nearly between 1,80,000 to 2,10,000 bales a day.
- After festival season Gujarat arrivals started with 35,000 to 40,000 bales a day.
- Gujcot spot rate remained between 40,600 to 41,900 during this week.
- Indian rupee remained stable between 74.16 to 74.60 against USD compared to last week.