Gujcot Weekly Report
Posted : May 14, 2021

Market Movement from 08th Mar 2021 to 13th Mar 2021

  • This week was highly volatile week on future markets. Tuesday NY futures were limit down on heavy technical selling, May future closed at 84.32, looked like technical selling will continue with damaged charts but market recovered from next day. With the help of improved export sales and good shipment report market gained almost entire loss and closed the week nearly unchanged.
  • USDA release WASDE report for March which was neutral to friendly.
  • USDA reduced some production, increase some consumption and world trade resulting in decrease in ending stock compared to last month.
  • U.S. Export Sales improved but shipment was reduced. Total commitments reached 14.5 million bales and shipments reached 8.93 million bales.
  • Indian physical market rates remained steady to firm. Despite limit down in NY futures on Tuesday physical market did not react much. CCI’s recorded lower sale this week.
  • Gujcot spot rate remained stable between 45,800 to 46,000.
  • Indian consumers are enjoying cheaper cotton and better yarn price so they are absorbing extra inventory.
  • Current all India daily arrivals remained near to 90,000 bales
  • Gujarat daily arrivals were nearly 30,000 to 32,000 bales a day.
  • Indian rupee remained steady between 72.78 to 73.25
  • Due to down turn of NY future, Indian basis improved but still it is enough cheaper to get good orders from abroad. MNC were not active during this week. Indian mills and Indian exporters were active buyers during this week.
  • Over all this week’s bear sentiment help buyer to cover some inventory.

 



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