Gujcot Weekly Report
Posted : May 14, 2021
Market Movement from 28th Dec 2020 to 02nd Jan 2021
- Overall, this week was green week on NY Future. ICE Mar Future closed with 192 points gain and May future also gained 184 points during the week. And finally, at the end of the month Mar Future closed with 597 points gain and also May Future closed with 565 points gain monthly.
- With Decent U.S. Export Sales of last 3 weeks. Last week sales were slightly lower but good enough to cross USDA export target. Shipment also running with good pace.
- Indian physical market remained firm during the week and very good buying in domestic market as well as by exporters.
- Huge pace of arrival above 3 lakh bales a day absorbed in CCI pocket. CCI and federation purchased nearly 75 lakh bales of new season. CCI was also able to sale huge quantity in current bull-run.
- Indian spinning mills running with full inventory, they get very good order of yarn till February. Export is limited despite India is attractive on basis at currant currency conversion. India is almost 4.80 cents negative to NY.
- All India daily arrivals remained near 3,00,000 bales a day.
- Daily arrival in Gujarat was nearly 60,000 to 65,000 bales a day.
- Gujcot spot rate remained between 41,900 to 42,400 during this week.
- Indian rupee remained strong between 73.06 to 73.50 against USD compare to last week.