Gujcot Weekly Report
Posted : November 23, 2022
Market Movement from 16th Aug 2021 to 21st Aug 2021
- NY December extend rally post WASDE till Tuesday. On Tuesday NY December crossed 96.90 cents but gave back all gain sameday. Historically 96 cents proved great resistance. Profit booking by speculators pushed back the market and ultimately NY December closed with weekly loss of 122 points.
- Export sale was decent with 253000 bales for current year and 59500 bales for next year. While shipment also was decent at nearly 225000 bales.
- Good export data and bullish WASDE created bullish sentiment but witnessed resistance at higher level.
- Indian physical market is somewhat easier due to some profit taking by investors. Also some new arrival knocking the door. In north India new crop arrival have started with small quantity. Forward bargain are lower than current price which is mainly reason for reversal of sentiment.
- CCI was not able to sale in this week.
- Old crop Gujcot Spot rate for Shanker-6 stable to down.
- All India cotton sowing is slightly lower than last year.
- Gujrat cotton sowing till now is almost same as last year.
- Rain is anxiously awaited in Gujarat. Till date crop is in good condition. Some welcome rain is registered from Friday. it is much needed for standing crop.
- Rupee is stable with in small range against USD.
- Indian basis are still in positive territory from 3.66 to 5.86.
- At present price level raw cotton export orders we are very limited.