Gujcot Weekly Report
Posted : October 23, 2021
Market Movement from 26th Jul 2021 to 31st Jul 2021
- Market remained steady during the week but NY December contract first time crossed 91 Cents barrier in intraday trading. Although NY December closed with some minor weekly loss, technically picture looks sound.
- U.S. Export Sales for current year was almost nil. Now only one week remained for current year. Shipment was 2,47,000 Bales.
- For New year U.S. Export Sales was 1,92,000.
- Carried forward commitment of 2020-21 crop plus sales of 2021-22 will be opening sales. Which will be close to 4 million bales plus.
- Indian cotton rate advanced to new high. Gujarat shakar-6 rate crossed 57,500.
- Even at this level CCI was able to offload big quantity and they are left with just 9 lakh bales unsold stock, mainly in North.
- Export of Indian cotton is in just small quantity now.
- Indian rupee remained between 74.28 to 74.46.