Gujcot Weekly Report
Posted : November 23, 2022
Market Movement from 27th Sep 2021 to 02nd Oct 2021
- This is last weekly report of 2020/21 cotton season. 2020/21 season has given very good earning opportunities to all stakeholders.
- We wish same earning in new cotton season for all stakeholders.
- This week was bull dominated week. Market rose at rocket speed during this week on NY future. NY December first time crossed one dollar and registered 106 intraday high. NY December gained 854 points during this week. Adverse weather in India and US, and supported buying from China gave new high to NY future.
- Export sales was very high at 5,71,000 bales with China buying 4,18,000 bales provided fuel to the burning market.
- Chinese ZCE future also gained and crossed 19,500 mark.
- Continuous rainfall in cotton growing area in India caused disruption to new arrivals. And also, big crop damage in many major cotton growing area supported Indian physical market along with NY futures. Fear of delayed new arrivals caused spinning mills to cover more cotton from available sources.
- CCI sold around four lakh bales during this week and now they are left with around five lakh bales unsold stock.
- Gujcot spot rate advance from 55,500 to 57,000 Rs per Candy
- First time in history MCX October cotton future touched 28,500 mark.
- Indian daily arrival was 25,000 to 35,000 bales.
- Limited arrival started in Gujarat, but quality is not up to mark.
- Hopefully next week rain will halt and IMD may announce withdrawal of monsoon.
- Today new cotton season starts with new high and new hope.