Gujcot Weekly Report
Posted : February 26, 2021
Market Movement from 15th Feb 2021 to 20th Feb 2021
- This week started with Bullish mood and all four sessions ended in green. NY March future on notice and trade moved over to May future. NY March gained 168 points while NY May finished this week with 182 points weekly gain.
- In its annual outlook forum this week, USDA projected 2021 U.S. plantings at 12.0 million acres. Yield was projected at 840 pounds on harvested acreage of 10 million acres. Thus, 2021 production was estimated at 17.5 million bales.
- Weekly U.S. Export Sales was lower but shipment was good. Sales was just 1,34,000 bales while shipment was 3,23,600 bales. Cumulative sales now stand at 13.84 million bales from which 7.87 million bales already shipped.
- Indian arrivals declining and future market supportive so Indian ginners hold some stock. With higher NY future, Indian cotton is attractive and CCI gave opportunity to buy at this level so Indian consumers and exporters are regular buyers of CCI Cotton. CCI was able to sell nearly one million bales during this week.
- Gujcot spot rate shankar-6 also remained firm near 45,000 Rs per candy.
- Exporters getting good orders for cheapest Indian cotton.
- Yarn rates also firm and mills have good processing margin.
- All Indian arrival is close to 1,00,000+ bales.
- Gujarat arrivals are between 35,000 to 40,000 bales. Compare to other states now Gujarat has the highest arrival in India.
- Cottonseed rates are firm near 590 to 600 Rs per 20Kg
- Indian rupee remained firm between 72.65 to 72.74 against USD.