Gujcot Weekly Report
Posted : May 14, 2021
Market Movement from 18th Jan 2021 to 23th Jan 2021
- This week started with bullish trend due to weaker U.S. dollar. With new uptrend NY March crossed contract high of 83 cents. On Friday market lost around one cent with selloff in grain markets. ICE March future closed at 81.56 cent with 86 points weekly gain.
- Again U.S. Export Sales was decent above 3 lakh bales. Despite cancellation of 31,000 bales from China demand accrued from other destinations. Shipment also was good with China leading.
- Indian physical market remained steady. Arrival declined all over India. Kapas rates higher than MSP and very little quantity goes to CCI.
- CCI is trying to make a bulk export deal of one million bales with Bangladesh.
- Yarn inquiry now little slower. Indian Mills are well covered, so buying in limited quantity.
- As US Balance sheet is tight and so NY is in uptrend but Indian physical market does not follow NY. So Indian Basis remain in negative territory
- All India arrivals remained nearly 1,75,000 to 2,00,000 bales a day.
- Gujarat arrivals remained around 50,000 to 55,000 bales a day.
- Gujcot spot rate remained between 43,500 to 43,850 during this week.
- Indian rupee remained stable between 73.07 to 73.38 against USD.