Gujcot Weekly Report
Posted : October 23, 2021
Market Movement from 02nd Aug 2021 to 07th Aug 2021
- This week was consolidation week for NY future. December NY future steadily rose during the week. Slowly and steadily it crossed and closed above 91 cents. A signal of consolidation.
- U.S. Export Sales was 1,58,000 for new year. As it was last weekly export report for season 2020-21. Shipment could not achieve USDA export target of 16.4 million bales. Unshipped commitment of 2020-21 crop is nearly 15 lakh bales and new sales of new crop is 33 lakh bales, so new year will start with nearly 48 lakh bales commitment.
- China auction is fully sold out daily.
- Indian physical cotton market stabilized and stayed near Rs. 57,500 per candy.
- CCI was not able to sell big quality.
- New crop is knocking on the door with some small quantity.
- Indian sowing still lagging behind last year but crop conditions is better to offset crop size by yield.
- Gujarat sowing area crossed last year's sowing area as on same date.
- Arrival is negligible but remain kapas is getting historical high rate.
- Gujarat a big round of rainfall is required to increase ground water level.
- Hope for good monsoon and better new crop.