Gujcot Weekly Report
Posted : October 23, 2021
Market Movement from 19th Jul 2021 to 24th Jul 2021
- A highly volatile week on NY future. This week started week with 300 points loss and recovered in next 3 days in December contract. NY December posted contract high of 90.57 intraday and closing high of 89.86 on Thursday. With volatility, open interest is rising so speculator again active. NY December closed with small weekly loss of 27 points.
- U.S. Export Sale was decent 43,000 for current year and 2,52,000 for next year. Pakistan is a leading buyer. Now commitment reached 17 million bales but shipment is still lagging behind at 15.1 million bales.
- Indian physical market doing well and crossed 56,000 Rs per Candy for Shankar-6.
- CCI regular offloading stock cotton and now almost empty in all zones except North Zone.
- MCX future crossed one time 27,000 Rs per bale mark.
- In Gujarat sowing pace is near to equal as last season. Still good possibility of higher cotton sowing area than last season despite late and irregular monsoon.
- Indian basis is strong near 600 on so export from India slowed down.
- Indian Rupee remained between 74.40 to 74.87against USD.
- Overall demand driven week with strong sentiment.