Gujcot Weekly Report
Posted : May 14, 2021
Market Movement from 23rd Nov 2020 to 28th Nov 2020
- On Monday market started this week with bullish trend with news of success of more COVID-19 vaccine but after that market remained stable during the week. Before Thanksgiving holiday market saw huge volatility but on Friday ICE March future was able to close the week with 28 points weekly gain.
- U.S. Export Sales was bullish with lower prices Vietnam (169,500 bales) and Bangladesh (89,400 bales) were major buyers.
- Monday Indian physical market started with bullish trend but moved continuously downside during the week. Indian market looked over bought and kapas rate was higher than MSP so, market saw the correction of nearly 1,000 Rs. per candy. Firm cottonseed rate supported ginners.
- CCI is supporting the market with MSP procurement. Till date CCI has procured nearly 26 lakh bales equivalent kapas. CCI also is selling on regular bases.
- All India daily arrivals remained nearly 2,70,000 to 3,00,000 bales a day.
- Daily arrival in Gujarat was nearly 55,000 bales a day.
- Gujcot spot rate remained between 41,150 to 42,250 during this week.
- Indian rupee remained stronger between 73.88 to 74.10 against.