Gujcot Weekly Report 28-Aug-2021
Posted : October 23, 2021
Market Movement from 23rd Aug 2021 to 28th Aug 2021
- This week NY December future consolidated steadily and closed with 174 points weekly gain.
- US Export sale was also decent with new commitment of 2,59,400 Bales for current year and 67,900 bales for next year. But China remained absent in new sales. Good shipments above 2 Lakh bales.
- In reserve cotton auction China sold 100% of offered cotton. Chinese ZCE also remained firm.
- Pakistan KCA spot rate was firm at 13,900 PKR per mound.
- In India, physical cotton market demand remained slow. CCI was not able to find buyers.
- Gujarat spot rate came down below 57,000 Rs per Candy. Now mills are covered and waiting for new crop while investors are eager to sale their stock cotton.
- Indian basis is still strong but at reasonable level between 300 to 470 points. Very few inquiries from abroad at this level.
- Indian rupee got firm between 73.68 to 74.21 against USD.
- Arrivals in north India are increasing.
- Gujarat sowing is slightly lower than last year and Gujarat farmers need a good round of rainfall in near future.