Gujcot Weekly Report
Posted : October 23, 2021
Market Movement from 20th Sep 2021 to 25th Sep 2021
- This week will be noted as highly volatile week on both sides. On Monday with fear of Chinese real estate giant’s default, market lost 331 points. Market recovered in next 3 days with support of Fed's support with no increase in interest rate and also huge buying by China. On Friday market jumped to its lifetime high on ICE December future closing at 95.99 cents gaining 366 points in a single day. Friday’s surge of buying may have been encouraged by the possibility of Hurricane Sam forming in the Atlantic and some technical buying.
- Export sales were decent at nearly 3,68,000 bales lead by China with 2 lakh plus bales buying. Shipment was 1,76,000 bales.
- Continuous rainfall in India has disturbed the sentiment. Heavy rain on standing crop has reported damage. There are also concern about quality. Buyer again started looking for available old crop.
- Arrival in India is nearly 15,000 bales a day during week but it may come down if rainfall continues.
- Farmers are anxiously waiting for good sunshine.
- Indian rupee remained between 73.61 to 73.87.
- For new crop forward bargain are limited and export also now on halt.
- Hope fir good sun shine in next week.