Gujcot Weekly Report
Posted : October 23, 2021
Market Movement from 30th Aug 2021 to 04th Sep 2021
- NY December future declined from Monday to Wednesday but when hurricane IDA passed without much damage to cotton crop, it recovered in last two sessions and closed this week with just 82 points loss.
- US Export sale was slow with just 119,700 bales sales for current year and only 23,800 bales sales for next year. Shipment also was down to just 173,300 bales.
- Chinese buyers bought 100% of offered quantity in China reserve cotton auction.
- Pakistan market at all time high. Arrivals also picking up. Also, Pakistan is big buyer for other origin cotton. Karachi spot rate was stable near 13,800 to 14,000 PKR.
- Indian mills are now well covered and waiting for new crop arrival. Luck warn response to CCI offered cotton.
- Investors are eager sale and physical market remained soft. Gujcot spot rate came down to below Rs 56,000 per candy.
- MCX October and November remained volatile on weather news. MCX October remained between 25,300 to 25,800 Rs per bale.
- NY March is invert to NY December. MCX November is invert to MCX October which shows that market players are expecting market prices to soften.
- Recent rains may slightly delay North India arrivals which was picking up during last week.
- Much awaited rainfall in Gujrat was very beneficial to cotton crop
- Cotton Sowing is almost over and we hope for better yield.