Gujcot Weekly Report
Posted : November 23, 2022

Market Movement from 07th Aug 2021 to 14th Aug 2021

  • After last week's consolidation, NY December saw another bullish week gaining 262 points during the weekly and closing at 94.32 cents per pound a new lifetime high of the contract.
  • Bullishness of strong exports sales and bullish WASDE and was main factor giving strong upward momentum to the market to touch new contract high.
  • USDA in its latest August WASDE report cut US cotton production projection by 5.40 lakh bales and also 5.5 lakh bales reduction in world production. World's cotton demand for 2021-22 is projected as 123.33 million bales against world's production of 118.84 million bales which is 4.49 million bales lower than demand. Traders also responded to bullish WASDE report.
  • US weekly export sales was decent at around 3. 5 lakh bales. Again, China remained as a lead buyer. For 2020-2021 final US export sales was 17.04 million RB and shipment was 15.64 million RB. Around 1.40 million bales carried over to new season.
  • New crop arrivals in Pakistan have started and official KCA spot rate is at 13500 PKR per maund. Physical cotton market in Pakistan is its lifetime high level. Rate of cotton in Sindh reached at Rs.13,600 per maund and the rate of cotton in Punjab reached at Rs.13,900 to Rs.14100 per maund. 
  • China sold 100% of offered cotton in open auction.
  • Indian physical market remained relatively stable during the week. Investors are booking their profit. New crop is not far away specially in North India.
  • No major quantity was sold by CCI during this week. Gujcot spot rate remained stable between 57,000 to 57,500Rs. per Candy.
  • INR remained between 74.00 to 74 50 against USD during the week.
  • Now Indian basis is higher so cotton export is in very limited quantity.
  • Overall Indian market in now on a halt and NY futures are on bullish mode.
  • No major quantity was sold by CCI during this week. Gujcot spot rate remained stable between 57,000 to 57,500Rs. per Candy.
  • INR remained between 74.00 to 74 50 against USD during the week.
  • Now Indian basis is higher so cotton export is in very limited quantity.
  • Overall Indian market in now on a halt and NY futures are on bullish mode.



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