Gujcot Weekly Report
Posted : October 23, 2021
Market Movement from 06th Sep 2021 to 11th Sep 2021
- Not much movement on NY cotton futures during this week. Market was lower on Thursday due to adjusting position before WASDE. Over all NY December closed this week with 52 points weekly loss.
- Bullish numbers of expert sale was ignored by market due to bearish WASDE report.
- In September WASDE, USDA raised US production to 18.51 million bales which is 1.25 million bales higher than previous month report. USDA increased world consumption by 8 lakh bales and increased export by 5 lakh bales. So, ending stock is increased by 1.32 million bales. These numbers looked bearish but market close almost flat.
- In India trend is mix but stable. Gujcot Shankar 6 rate ranged between 55,300 to 55,900 Rs per Candy. Good rainfall during this week all over cotton belt of India. North arrivals may get delayed due to current rainfall.
- C.C.I. was not able to sale any notable quantity. Sowing almost over for cotton with decrease of 5% to 10% in area YoY. But good rain and good weather condition may offset that decrease in area by better yield. From next week hoping for arrival from M.P. and Khandesh, Gujarat arrival will start from October only.
- Hoping for good season.