Gujcot Weekly Report
Posted : May 14, 2021

Market Movement from 12th Apr 2021 to 17th Apr 2021

  • After weak opening of NY Futures on Monday, NY May future was able to close the week with 131 points gain and July future gained 129 points. Strong dollar put pressure on future market but technical and fundamental both supported uptrend in the market.  Some weather report and outside forces weighed on the market. May future is now close to expiry and trade rolled over to July. May-July spread give full carry.
  • U.S. Export Sales was lower but overall total commitment is higher USDA latest Estimate. Shipment was in line as required to meet the target. Total commitment now reached to 15.7 million bales out of that 10.6 million bales already shipped.
  • Indian arrivals dropped to significant low level. There is no supply force to pressure the market. Indian market remained firm despite decline in future market at the start of the week.
  • CCI Increased sales price in some varieties but no big sale reported.
  • Yarn market in domestic remained somewhat easy and inquiries are limited on Covid spread concerns. At some places labor migration also reduced production.
  • In current situation it is not easy to estimate daily arrival.
  • Indian currency weakened and stayed near Rs 75 per USD.
  • Cottonseed rates are firm near 750 per 20 kg which supported ginners.
  • Weaker currency and higher NY will support Indian exports.
  • Indian rupee remained between 74.35 to 75.06.

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